Mortgage Payoff Calculator
Want to pay off your mortgage faster? Enter your current balance, interest rate, and remaining term, then add an extra monthly payment, a one-time lump sum, an extra annual payment, or switch to biweekly payments. The calculator instantly shows how much interest you'd save and how many years sooner you'd be debt-free, with a side-by-side comparison of your current schedule versus your accelerated payoff.
Quick examples:
The payoff balance you still owe today (not the original loan amount)
Leave blank to auto-calculate your scheduled P&I payment. Enter a value from your statement to override it (excluding taxes, insurance, and escrow).
Added to principal every month on top of your scheduled payment.
Applied in payment #1
A single extra principal payment (e.g. a bonus or tax refund) applied in the payment number you choose.
Applied each year
An extra principal amount applied once per year, in the month you select.
Paying half your monthly amount every two weeks means 26 half-payments a year — the equivalent of 13 monthly payments, or one extra full payment per year applied to principal. Stacks with the fields above.
Payoff Summary
Interest Saved
Time Saved
New Payoff Date
Original Payoff Date
Total Interest (Accelerated)
Total Interest (Baseline)
Baseline Monthly Payment
Add an extra payment, lump sum, annual payment, or switch to biweekly to see your savings.
Baseline vs. Accelerated
| Baseline (no extra) | With extra payments | Difference | |
|---|---|---|---|
| Payoff date | Jun 2056 | Jun 2056 | — |
| Payoff term | 30 yr | 30 yr | — |
| Total interest | $382,633.47 | $382,633.47 | — |
| Monthly payment (P&I) | $1,896.20 | $1,896.20 | — |
Balance Over Time
Add an extra payment to see a second curve that reaches $0 sooner than your current schedule.
Yearly Schedule (Accelerated)
Showing yearly rows because this schedule runs more than 60 months.
| Year | Payment | Principal | Interest | Extra | Balance |
|---|---|---|---|---|---|
| 1 | $22,754.40 | $3,353.19 | $19,401.28 | — | $296,646.82 |
| 2 | $22,754.40 | $3,577.74 | $19,176.71 | — | $293,069.08 |
| 3 | $22,754.40 | $3,817.36 | $18,937.09 | — | $289,251.73 |
| 4 | $22,754.40 | $4,073.01 | $18,681.44 | — | $285,178.72 |
| 5 | $22,754.40 | $4,345.80 | $18,408.67 | — | $280,832.93 |
| 6 | $22,754.40 | $4,636.84 | $18,117.62 | — | $276,196.10 |
| 7 | $22,754.40 | $4,947.36 | $17,807.07 | — | $271,248.73 |
| 8 | $22,754.40 | $5,278.71 | $17,475.76 | — | $265,970.03 |
| 9 | $22,754.40 | $5,632.22 | $17,122.22 | — | $260,337.81 |
| 10 | $22,754.40 | $6,009.43 | $16,745.02 | — | $254,328.38 |
| 11 | $22,754.40 | $6,411.90 | $16,342.56 | — | $247,916.49 |
| 12 | $22,754.40 | $6,841.30 | $15,913.12 | — | $241,075.18 |
| 13 | $22,754.40 | $7,299.48 | $15,454.96 | — | $233,775.70 |
| 14 | $22,754.40 | $7,788.34 | $14,966.11 | — | $225,987.36 |
| 15 | $22,754.40 | $8,309.96 | $14,444.53 | — | $217,677.42 |
| 16 | $22,754.40 | $8,866.45 | $13,887.98 | — | $208,810.95 |
| 17 | $22,754.40 | $9,460.28 | $13,294.17 | — | $199,350.68 |
| 18 | $22,754.40 | $10,093.85 | $12,660.58 | — | $189,256.83 |
| 19 | $22,754.40 | $10,769.83 | $11,984.59 | — | $178,486.98 |
| 20 | $22,754.40 | $11,491.14 | $11,263.32 | — | $166,995.85 |
| 21 | $22,754.40 | $12,260.71 | $10,493.74 | — | $154,735.14 |
| 22 | $22,754.40 | $13,081.83 | $9,672.62 | — | $141,653.30 |
| 23 | $22,754.40 | $13,957.95 | $8,796.50 | — | $127,695.36 |
| 24 | $22,754.40 | $14,892.75 | $7,861.70 | — | $112,802.62 |
| 25 | $22,754.40 | $15,890.14 | $6,864.33 | — | $96,912.49 |
| 26 | $22,754.40 | $16,954.32 | $5,800.13 | — | $79,958.16 |
| 27 | $22,754.40 | $18,089.78 | $4,664.67 | — | $61,868.38 |
| 28 | $22,754.40 | $19,301.29 | $3,453.16 | — | $42,567.08 |
| 29 | $22,754.40 | $20,593.93 | $2,160.52 | — | $21,973.15 |
| 30 | $22,754.40 | $21,973.15 | $781.29 | — | $0.00 |
Related Calculators
How This Calculator Works
This tool models your existing mortgage from today forward and compares two schedules: a baseline (your current loan with no extra payments) and an accelerated one (the same loan plus your extra-payment plan). It then leads with the two numbers that matter most — how much interest you'd save and how much time you'd save. Unlike a Refinance Calculator, there's no second loan, no new rate, and no closing costs; and unlike the full Mortgage Calculator, it works with principal and interest only — never escrow, taxes, or insurance.
Baseline Monthly Payment (PMT)
M = B · i(1+i)ⁿ / ((1+i)ⁿ − 1)
This is the standard PMT amortization formula. B is your current remaining balance, i is the monthly rate (APR ÷ 12), and n is your remaining term in months. The baseline payment is derived from your balance, rate, and remaining term, or you can override it with the principal-and-interest figure from your statement. When the rate is 0%, it switches to the special case M = B / n to avoid dividing by zero.
Baseline vs. Accelerated Schedules
interest_k = balance · i
balance_k = balance − (M − interest_k) − extra_k
Both schedules run the same month-by-month recurrence: interest accrues on the outstanding balance, the scheduled payment covers that interest plus principal, and the balance shrinks. The accelerated schedule adds your extra principal each month and stops the moment the balance hits $0. Every extra dollar goes straight to principal, so the balance falls faster and less interest accrues in every following month.
The Four Extra-Payment Methods (Combinable)
You can use any or all of these at once, and they stack without double-counting:
- Extra monthly — an additional amount applied to principal every single month on top of the scheduled payment.
- One-time lump sum — a single extra principal payment applied in a specific month (e.g. a bonus or tax refund). If it falls after the loan is already paid off, it simply has no effect.
- Extra annual — an extra principal amount applied once per year, in the calendar month you choose.
- Biweekly — paying half your monthly payment every two weeks.
26 half-payments = 13 monthly payments/year = one extra payment/year
Biweekly works because there are 26 two-week periods in a year, so 26 half-payments equal 13 full monthly payments — one extra full payment a year, applied entirely to principal. This calculator models that as an equivalent extra principal contribution of +M / 12 per month (a small, documented approximation), and lets it stack on top of the monthly, lump-sum, and annual extras.
Interest Saved & Time Saved
interestSaved = baselineTotalInterest − acceleratedTotalInterest
timeSavedMonths = baselinePayoffMonths − acceleratedPayoffMonths
Interest saved is the gap between the total interest on your current schedule and the total interest under your extra-payment plan. Time saved is the difference between the two payoff lengths, shown in months and a friendly years-and-months form. The calculator also reports your new payoff date versus the original one, baseline versus accelerated total interest, and your new effective term (for example, 24 yr 1 mo instead of 30 yr). At a 0% rate there's no interest to save, but extra payments still shorten your term.
Final payment is capped to $0. In the payoff month, the calculator caps the last payment to retire exactly the remaining balance, so the schedule never overshoots into a negative balance. Each schedule's interest sum reconciles to its total within a penny, and the final balance is forced to exactly $0 to absorb floating-point drift.
Strategies to Pay Off Your Mortgage Faster
Round Up Your Payment
The simplest accelerator is rounding your monthly payment up to the next round number — turning a $1,896 payment into $2,000 sends an extra $104 to principal every month without much pain. Small, consistent extra amounts compound surprisingly fast over the life of a loan. Enter the rounded-up difference in the extra-monthly field to see how many years and how much interest even a modest round-up saves.
Throw Windfalls at Principal
A tax refund, a work bonus, an inheritance, or the proceeds from a side project all make excellent one-time lump-sum payments. Because they remove principal early — when your balance and interest charges are highest — a lump sum delivers an outsized impact compared with the same dollars spread out later. Use the one-time field, pick the month it lands, and watch the payoff date jump forward.
Put Biweekly on Auto-Pilot
Switching to biweekly payments sneaks in one extra full payment a year almost invisibly, because you're just paying half every two weeks. It's the classic set-and-forget accelerator — no budgeting discipline required once it's set up. Toggle biweekly on to see how that single extra annual payment shortens your term, and stack it with an extra monthly amount for an even faster payoff.
Confirm the Money Hits Principal
None of these savings happen if your servicer applies extra money to next month's payment or to escrow instead of principal. When you pay extra, explicitly mark it "apply to principal," then check your next statement to confirm the balance dropped. Many lenders let you schedule recurring principal-only payments online — exactly the behavior this calculator assumes.
Common Ways People Use a Mortgage Payoff Calculator
Be Mortgage-Free Before Retirement
RetirementMany homeowners want the loan gone by the time they stop working. Enter your current balance, rate, and remaining term, then test extra monthly or biweekly payments until the new payoff date lands before your target retirement year — the calculator shows exactly how much extra per month gets you there.
Save Tens of Thousands in Interest
Interest SavedOn a long mortgage, even a few hundred dollars of extra principal a month can erase tens of thousands of dollars of future interest. Lead with the interest-saved figure to see the guaranteed, risk-free return your extra payments earn, and compare different amounts to find the sweet spot for your budget.
Apply a Bonus or Tax Refund as a Lump Sum
Lump SumGot a one-time windfall? Drop it into the one-time lump-sum field and choose the month it arrives to see how a single large payment removes principal early and pulls your payoff date forward. Because it lands while interest charges are highest, a well-timed lump sum often beats spreading the same money out later.
Set-and-Forget Biweekly Payments
BiweeklyIf you want a painless accelerator that needs no ongoing discipline, model biweekly payments. Paying half your amount every two weeks adds one extra full payment a year automatically — toggle it on to see how much it shaves off your term and stack it with other extras for a combined effect competitors split across separate tools.
What This Calculator Assumes
To keep results deterministic and evergreen, the payoff math rests on a few clear assumptions:
- •Principal and interest only: the calculation excludes property taxes, homeowners insurance, PMI, HOA dues, and escrow. Your actual monthly check may be larger, but only principal and interest determine your payoff date and interest cost.
- •Every extra dollar goes to principal: the model assumes 100% of each extra payment reduces principal, with nothing diverted to interest, escrow, or fees — the behavior you should insist on from your servicer.
- •Fixed rate, modeled from today: the loan is fixed-rate and fully amortizing with monthly, end-of-month payments. We use your remaining balance, current rate, and remaining term — not the original loan amount or origination date. ARMs, balloon, and interest-only loans are not modeled.
- •No prepayment penalty or recasting: the math does not model prepayment penalties, late fees, or loan recasting. It assumes you keep paying the same amount and simply finish early.
- •No assumed investment returns or market rates: the tool shows only the guaranteed interest you'd save, never an assumed return from investing instead. Default values are illustrative placeholders, not sourced or maintained market rates — every result comes from the numbers you enter.
Disclaimer: This tool provides estimates for personal planning and is not financial, tax, or lending advice. Actual results depend on your lender, how extra payments are applied, your specific loan terms, and any fees or penalties in your agreement. Confirm the details with your servicer and consult a qualified professional before committing to an aggressive payoff plan.
Frequently Asked Questions
How do extra payments save me interest?
Mortgage interest each month is charged on your outstanding balance, so anything you pay above your scheduled payment goes straight to principal and shrinks that balance immediately. A smaller balance means less interest accrues the very next month, and every month after that — the savings compound over the life of the loan. Because you're knocking out principal faster, you also reach a $0 balance well before the original payoff date. This calculator shows both the total interest you'd avoid and how many months or years sooner you'd be mortgage-free.
Is it better to pay extra monthly, biweekly, or make a lump sum?
They all help, but in different ways. A consistent extra monthly payment is the most predictable and usually delivers the largest total savings if the amount is meaningful. Biweekly payments sneak in one extra full monthly payment per year almost painlessly, which is a great set-it-and-forget-it accelerator. A one-time lump sum (like a bonus or tax refund) makes a big dent right away because it removes principal early, when interest charges are highest. This calculator lets you combine all of them and compare the result against your current schedule.
How does a biweekly mortgage actually work?
Instead of one monthly payment, you pay half of it every two weeks. Since there are 52 weeks in a year, that's 26 half-payments — the equivalent of 13 full monthly payments instead of 12, so you make one extra full payment per year that goes entirely to principal. Over a 30-year loan that single extra payment a year can shave several years off your term and save tens of thousands in interest. Toggle biweekly on in this calculator to see the effect on your specific balance, rate, and term.
Will my lender actually apply extra payments to principal?
Usually yes, but you often have to be explicit. Many servicers will apply an unmarked extra amount to the next month's payment or to escrow rather than to principal, so specify "apply to principal" when you pay extra, and check your next statement to confirm the principal balance dropped. Some let you set up recurring principal-only payments online. This calculator assumes 100% of every extra dollar reduces principal, which is the behavior you should insist on to get these savings.
Are there prepayment penalties for paying my mortgage off early?
Most modern primary-residence mortgages have no prepayment penalty, and making extra principal payments in small chunks almost never triggers one. Penalties, when they exist, typically apply only if you pay off or refinance the entire balance within the first few years (often three to five). Always read your loan documents or ask your servicer before committing to an aggressive payoff plan. This calculator does not model any prepayment penalty, so confirm yours is $0 before relying on the savings.
What's the difference between paying extra and recasting my mortgage?
Paying extra (a "curtailment") reduces your principal and shortens your term while keeping the same monthly payment — exactly what this calculator models. Recasting is when you make a large lump-sum payment and ask the lender to re-amortize the loan over the remaining term, which lowers your monthly payment but keeps the original payoff date. Paying extra without recasting maximizes interest saved and gets you debt-free sooner; recasting maximizes monthly cash-flow relief instead. This tool assumes you keep paying the same amount and finish early, not that you recast.
Should I pay off my mortgage early or invest the money instead?
It comes down to comparing your mortgage rate to what you could reasonably earn elsewhere, after tax and after risk. Paying down the mortgage is a guaranteed, risk-free return equal to your interest rate, so a higher mortgage rate makes early payoff more attractive, while a low rate can make investing more compelling for those comfortable with market risk. There are also non-financial factors — the peace of mind of owning your home outright, your emergency savings, and any higher-interest debt you should clear first. This calculator deliberately shows only the guaranteed interest you'd save, without assuming any investment return, so you can weigh it against your own plan.
Should I enter my current balance or my original loan amount?
Use your current remaining balance — the payoff amount you owe today — along with the remaining term, not the original figures. For example, if you took out a 30-year mortgage five years ago, enter the balance from your latest statement and about 25 years remaining. Using current figures models your decision accurately, because the extra payments you make from here only affect the balance that's left. You'll find both numbers on your monthly mortgage statement.
What's the difference between this and a refinance calculator?
A refinance replaces your loan with a brand-new one at a different rate and term and involves closing costs — that's our separate Refinance Calculator. This Mortgage Payoff Calculator keeps your existing loan and rate exactly as they are and simply shows what happens when you pay extra toward it. There's no second loan, no new rate, and no closing costs here — just the interest and time you'd save by accelerating the loan you already have. Use the Refinance Calculator if you're considering a new loan, and this one if you're keeping your current mortgage.
Why doesn't escrow, taxes, or insurance show up here?
Your monthly mortgage check often bundles property taxes, homeowners insurance, PMI, and HOA dues into escrow, but those don't affect how fast you pay off the loan — only principal and interest do. So this calculator works strictly with principal and interest, which is what determines your payoff date and interest cost. Extra payments you make go entirely to principal, never to escrow. If you want a full monthly-housing-cost picture including escrow, use our Mortgage Calculator instead.
Why doesn't the schedule's last balance exactly match my own math?
Tiny differences come from rounding for display. The calculator keeps full precision internally and only rounds when showing currency to two decimals, then forces the final balance to exactly $0 to absorb floating-point drift. Hand calculations that round at each step will drift by a few cents. The displayed total interest reconciles with the amortization schedule within a penny.
Can I share or save my payoff plan?
Yes. Every input is stored in the page's URL (compressed), so you can copy the link to share an exact payoff scenario or bookmark it to return later — reloading restores the same numbers. You can also export a PDF of your full payoff summary and schedule. None of the major bank or comparison-site mortgage payoff calculators offer link sharing or PDF export.