Mortgage Payoff Calculator
Calculate how long it will take to pay off your mortgage with extra payments. Compare standard vs. accelerated payoff scenarios and see potential interest savings.
Standard Payoff
Accelerated Payoff
Potential Savings
Amortization Schedule
Enter loan details and click "Calculate" to view amortization schedule
Understanding Mortgage Payoff Calculations
Paying off your mortgage early can save you thousands in interest payments and help you build equity faster. This calculator shows how extra payments can accelerate your payoff timeline.
How Extra Payments Work
Extra payments are applied directly to your principal balance, reducing the amount of interest you'll pay over time. Even small additional payments can make a significant difference.
Payment Strategies
- Monthly Extra Payments: Consistent monthly contributions
- Year-End Payments: Annual lump sums (tax refunds, bonuses)
- Bi-Weekly Payments: Half payments every two weeks
- One-Time Payments: Windfalls or inheritance money
Benefits of Paying Early
- Interest Savings: Reduce total interest paid over the life of the loan
- Build Equity: Increase home equity faster
- Financial Freedom: Become debt-free sooner
- Tax Benefits: Maintain mortgage interest deduction if applicable
Tip: Before making extra payments, check your loan terms for prepayment penalties. Some loans charge fees for paying off early. Also, consider your overall financial situation and emergency fund needs.