Early Mortgage Payoff Calculator
Extra Payments · Target Date · Interest Saved
Pay off your mortgage faster. Enter an extra monthly amount or a target payoff date — see exactly how much time and money you save.
Enter how much time is left on your loan
Applied immediately to principal
Interest Saved
$69,082
Pay off 4 yr 6 mo sooner
Comparison
Loan Balance Over Time
Want to refinance to a lower rate AND pay it off faster?
A licensed loan officer can show you options that save both time and money.
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How to Use This Calculator
Mode 1 — I'll Pay Extra Monthly
Enter your current loan balance, rate, and remaining term. Then type in how much extra you can add to your monthly payment. The calculator instantly shows how many months you cut off your loan and how much interest you save over the life of the loan.
Mode 2 — I Have a Target Payoff Date
If you know you want to be mortgage-free in 15 or 20 years instead of 30, switch to this mode. Pick your target and the calculator works backwards to tell you exactly how much extra you need to pay each month to hit that goal.
One-Time Extra Payment
Got a bonus, tax refund, or inheritance? Enter it as a one-time lump sum payment. It gets applied directly to your principal, reducing the balance the monthly simulation starts from — and the impact is larger than you might expect.
Why Extra Payments Are So Powerful
Every dollar you pay toward principal today eliminates all the interest that would have been charged on that dollar for the remaining life of the loan. On a 30-year mortgage at 6.5%, that can multiply a $200/month extra payment into over $80,000 in interest savings.
The earlier in the loan you make extra payments, the more powerful they are — because you are cutting principal while the balance is highest and the most interest is being charged. Extra payments made in year 1 save far more than the same payments made in year 25.
Things to Know Before Paying Extra
Make Sure It Goes to Principal
When making extra payments, tell your lender or servicer explicitly that the extra amount should be applied to principal — not to the next month's payment. Some servicers will advance your due date instead, which does not save you any interest.
Check for Prepayment Penalties
Most conventional loans have no prepayment penalty, but some older or non-QM loans do. Check your loan documents before making large lump sum payments.
Compare to Other Uses of the Money
If your mortgage rate is 6.5% but you can earn 8% in investments, you may come out ahead investing the extra money instead. Consider the after-tax cost of your mortgage versus expected investment returns before deciding.
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Results are estimates based on a fixed interest rate and consistent extra payments. Actual savings may vary based on your loan servicer, payment timing, and any rate changes.