Finance
Mortgage Payoff Calculator
See how much interest and time you save by paying extra on your mortgage. Compare your baseline schedule with monthly extra, lump sum, or biweekly contributions.
Mortgage and extra payments
Baseline (minimum payment)
Monthly payment
$1,798.65
- Total paid
- $647,515
- Total interest
- $347,515
- Payoff
- 30 years from start
Accelerated plan
Effective monthly payment
$1,998.65
- Total paid
- $556,341
- Total interest
- $256,341
- Payoff
- 23 years, 3 months from start
Interest saved
$91,173
Time saved
6 years, 9 months
Balance over time
| Year | Baseline balance | Accelerated balance |
|---|---|---|
| 1 | $296,316 | $293,849 |
| 2 | $292,405 | $287,318 |
| 3 | $288,252 | $280,385 |
| 4 | $283,844 | $273,024 |
| 5 | $279,163 | $265,209 |
| 10 | $251,057 | $218,281 |
| 15 | $213,147 | $154,983 |
| 20 | $162,011 | $69,603 |
| 25 | $93,036 | $0 |
| 30 | $0 | $0 |
Frequently Asked Questions about the Mortgage Payoff Calculator
Does paying extra on my mortgage actually save money?
Yes, and the savings compound. Every extra dollar goes straight to principal, which shrinks the balance interest is calculated on next month. On a $300,000 loan at 6% APR with 30 years left, adding $200 per month to your payment cuts payoff time by about 6 years and saves roughly $90,000 in interest. The earlier in the loan you start, the bigger the savings.
Should I make extra monthly payments or one big lump sum?
A lump sum today saves more than the same amount spread across months because it removes principal before any new interest accrues on it. But monthly extras are easier to commit to and protect you from spending the money elsewhere. Use the lump sum field to test a windfall like a tax refund or bonus, and the monthly extra field to model an ongoing budget change.
How does a biweekly extra payment work in this calculator?
Biweekly extra means paying a small amount every 14 days on top of your normal payment. Because there are 26 biweekly periods per year, that equals 13 monthly contributions worth of extra principal annually. The calculator converts your biweekly amount to per-month principal using (extra times 26 divided by 12) so it can run a clean monthly simulation.
Should I pay off my mortgage early or invest the difference?
Compare your mortgage rate to the after-tax return you can reasonably expect on investments. If your mortgage is at 6% and you can earn 8% after tax on index funds, investing usually wins on paper. If you are within 5 to 10 years of retirement or the certainty of being debt free matters more than the math, paying down the mortgage is a defensible choice.
Will my lender charge a prepayment penalty?
Most conventional US mortgages originated after 2014 cannot charge prepayment penalties on owner-occupied homes. Some older loans, investment property loans, and certain non-qualified mortgages still do. Check your note or call the servicer before sending a large extra payment, and make sure each extra is clearly labeled apply to principal so it does not get banked as the next monthly payment.