Mortgage Payoff Calculator
Compare your original mortgage schedule against extra payments, target payoff dates, or bi-weekly plans.
Your Mortgage Details
Mortgage Comparison: Original vs. Accelerated
See side-by-side how extra payments impact every aspect of your home financing.
| Mortgage Metric | Original Schedule | With Extra Payments | Your Savings / Difference |
|---|---|---|---|
| Monthly Payment | — | — | — |
| Payoff Time | — | — | — |
| Payoff Date | — | — | — |
| Total Principal | — | — | $0 |
| Total Interest Paid | — | — | — |
| Total Cost of Mortgage | — | — | — |
Visual Payoff Trajectory
Inspect the mortgage balance payoff curve and principal vs interest distributions.
Amortization Schedule
Complete breakdown of every payment, principal reduction, and remaining equity.
| Year / Payment | Regular Payment | Extra Payment | Principal | Interest | Total Payment | Ending Balance |
|---|
On this page
Mortgage Payoff Calculator — Own Your Home Years Sooner
Adding even a small amount to your monthly mortgage payment dramatically shortens the term and saves interest. This calculator shows exactly when you'll be mortgage-free with extra payments — and the interest you'll save.
Strategies to pay off early
Extra monthly payment: $200 extra/month on a $350,000 mortgage saves thousands and cuts years.
Biweekly payments: paying half the payment every two weeks creates one extra full payment each year — a classic zero-pain accelerator.
Annual lump sums from bonuses: a $5,000 yearly tax refund or bonus applied to principal works like compounding in reverse.
Should you pay off the mortgage early?
Mathematically, paying off cheap debt (5–7% home loan) could lose vs investing (10–12% equity) — but the guaranteed interest savings and peace of mind are real.
The sweet spot: keep mortgage interest deductions where eligible, but direct surplus to debt if the rate exceeds what you can earn risk-free.
Many choose 'debt-light': pay down to a comfortable debt level, then invest the rest.
How to use this calculator
- Enter your current mortgage balance and interest rate.
- Enter your remaining loan term and start date.
- Optionally add an extra monthly payment, annual lump sum, or select target payoff years.
- Read your payoff date, years saved and interest saved.
Pro tips
- Verify the lender applies extra payments to principal — not 'next month's payment'.
- Keep emergency cash before making accelerated payments.
- Consider recasting to lower the monthly bill instead if cash flow is the goal.