Mortgage Payoff Calculator
See how much sooner you pay off your mortgage — and how much interest you save — with extra payments.
How extra payments shorten a mortgage
Enter what you still owe, the rate and the years left. Extra payments go straight to the principal, so the balance falls faster and less interest builds up.
Example: $250,000 left at 6.5% with 25 years to go costs $1,688.02 a month. Adding $300 a month pays the mortgage off in 212 months — 7 years 4 months sooner — and saves $85,737 of interest.
Before you pay extra
Check that your loan has no prepayment penalty and that the lender applies extra money to the principal. Paying off high-interest debt or building an emergency fund first may be a better use of the money.
Frequently asked questions
How much faster can I pay off my mortgage?
On $250,000 at 6.5% with 25 years left, $300 extra a month saves 7 years 4 months and about $85,700 of interest.
Should I make one extra payment a year?
Use the “once a year” field to see the effect. Even one extra payment a year shortens a 30-year mortgage by several years.