Is paying off my mortgage early worth it?

It saves a significant amount of interest and gives you freedom from monthly payments. However, if your mortgage rate is low and you can earn more in investments, many people prefer to invest instead.

What is a biweekly mortgage payment plan?

Instead of one payment a month, you pay half your payment every two weeks. This results in 26 half-payments a year, which equals 13 full payments — one extra payment a year that goes straight to principal.

Mortgage Payoff Calculator

Enter your mortgage and the extra payments you plan to make.

Your Mortgage Details

Mortgage Balance ($)

Interest Rate (% per annum)

Remaining Term (years)

yrs

Extra Monthly Payment ($)

One-time Payment ($)

Apply One-time Payment in Month

Monthly Payment

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Mortgage Balance

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Total Payment

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Total Interest

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Compare: With vs Without Extra Payments

See exactly what extra payments do for your mortgage.

Without Extra Payments

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Payoff time: —
Total interest: —
Total paid: —

With Extra Payments

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Payoff time: —
Total interest: —
Total paid: —

Interest by Year: Standard vs With Extras

Mortgage Amortization Schedule

Your payment plan with extra payments applied.

Month	Payment	Principal	Interest	Extra	Balance

Mortgage Payoff Calculator FAQ

How much faster will extra payments pay off my mortgage?▶

Every extra rupee reduces your principal, which cuts future interest. Even a small monthly extra payment can shave years off a long mortgage. The comparison above shows the exact effect.

Should I make extra payments or invest the money?▶

If your mortgage rate is higher than the return you can earn safely on investments, paying down the mortgage is usually better. Otherwise, many people prefer to invest while keeping the lower mortgage payment.