Mortgage payoff calculator
See how much sooner you could pay off your mortgage early with extra payments, and how much interest you'd save. Monthly, yearly, biweekly or a lump sum.
Your mortgage
Your result
Compared with making only your regular payment until the loan ends.
Before and after
| Item | As scheduled | With extra |
|---|---|---|
| Paid off by | Nov 2051 | Feb 2047 |
| Time left | 25 yrs | 20 yrs 3 mo |
| Interest | $307,683 | $239,642 |
| Extra paid | $0 | $48,400 |
| Total you’ll pay | $607,683 | $539,642 |
Interest you'll pay
From today until the loan is gone.
Where your payments go
Year-by-year schedule
With your extra payments. The CSV download has every month.
| Year | Ends | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | Nov 2027 | $19,281 | $7,426 | $292,574 |
| 2 | Nov 2028 | $18,784 | $7,924 | $284,650 |
| 3 | Nov 2029 | $18,253 | $8,454 | $276,196 |
| 4 | Nov 2030 | $17,687 | $9,020 | $267,176 |
| 5 | Nov 2031 | $17,083 | $9,625 | $257,551 |
| 6 | Nov 2032 | $16,438 | $10,269 | $247,282 |
| 7 | Nov 2033 | $15,751 | $10,957 | $236,325 |
| 8 | Nov 2034 | $15,017 | $11,691 | $224,635 |
| 9 | Nov 2035 | $14,234 | $12,474 | $212,161 |
| 10 | Nov 2036 | $13,399 | $13,309 | $198,852 |
| 11 | Nov 2037 | $12,507 | $14,200 | $184,652 |
| 12 | Nov 2038 | $11,556 | $15,151 | $169,500 |
| 13 | Nov 2039 | $10,542 | $16,166 | $153,334 |
| 14 | Nov 2040 | $9,459 | $17,249 | $136,086 |
| 15 | Nov 2041 | $8,304 | $18,404 | $117,682 |
| 16 | Nov 2042 | $7,071 | $19,636 | $98,046 |
| 17 | Nov 2043 | $5,756 | $20,951 | $77,094 |
| 18 | Nov 2044 | $4,353 | $22,355 | $54,739 |
| 19 | Nov 2045 | $2,856 | $23,852 | $30,888 |
| 20 | Nov 2046 | $1,258 | $25,449 | $5,438 |
| 21 | Feb 2047 | $53 | $5,438 | $0 |
Estimates only, based on the numbers you enter. Assumes a fixed rate, interest charged monthly, payments made on time and every extra payment applied to principal in the month you make it. Taxes, insurance and PMI are not included. Your servicer's figures may differ slightly. This is not financial advice.
How this calculator works
We run your loan twice, month by month: once with only your regular payment, and once with your extra payments. The difference is your interest saved and the time you cut off.
- Each month we add interest: balance × rate ÷ 12.
- Your regular payment (principal and interest) comes off.
- Any extra payment comes off next and goes straight to principal, so next month's interest is smaller.
Regular payment = balance × r ÷ (1 − (1 + r)−n), where r = rate ÷ 1200 and n = months left
Biweekly = half the payment 26 times a year = one extra monthly payment a year
If you choose "Years left", we work out the regular payment for you, rounded up to the cent. If you know your payment, choose "My payment" and enter the principal and interest part only. Once-a-year extras land every 12th month, and a lump sum is paid with your next payment.
Worked example
A $300,000 balance at 6.5% with 25 years left. The regular payment is $2,025.63 a month:
| Plan | Paid off in | Interest | Interest saved | Sooner |
|---|---|---|---|---|
| No extra payments | 25 yrs | $307,683 | — | — |
| $100 extra a month | 22 yrs 4 mo | $268,965 | $38,718 | 2 yrs 8 mo |
| $200 extra a month | 20 yrs 3 mo | $239,642 | $68,040 | 4 yrs 9 mo |
| $500 extra a month | 15 yrs 11 mo | $182,097 | $125,586 | 9 yrs 1 mo |
| $5,000 extra once a year | 17 yrs 1 mo | $199,473 | $108,210 | 7 yrs 11 mo |
| Biweekly payments | 20 yrs 10 mo | $248,011 | $59,671 | 4 yrs 2 mo |
| $20,000 lump sum now | 21 yrs 4 mo | $238,368 | $69,315 | 3 yrs 8 mo |
The earlier an extra dollar goes in, the more it saves: once it comes off the balance, it stops collecting interest for every month left on the loan.
Questions
How much does an extra mortgage payment save?
It depends on your rate and how many years are left; the earlier you start, the more you save. In the example above, an extra $200 a month saves $68,040 in interest and pays the loan off 4 yrs 9 mo sooner. Enter your own numbers above to see yours.
Do extra payments lower my monthly payment?
Usually not. On a standard fixed-rate mortgage your required payment stays the same and the loan simply ends sooner. Some lenders will "recast" the loan after a large lump sum, recalculating a lower payment over the remaining term, often for a fee. Ask your servicer if that's what you want.
Should I pay off my mortgage early or invest?
Every extra dollar on the mortgage earns a guaranteed return equal to your interest rate, but that money is hard to get back out of your home. Many people first build emergency savings and clear higher-rate debts such as credit cards (try the debt payoff calculator), then weigh the mortgage rate against what they expect from investing, which isn't guaranteed.
Are biweekly mortgage payments worth it?
Paying half your payment every two weeks adds up to 26 half payments, which is one extra monthly payment a year. The CFPB suggests checking whether your servicer charges a fee for a biweekly plan; you can get the same result for free by adding one-twelfth of a payment each month, or making one extra payment a year.
Will I pay a prepayment penalty?
Most mortgages don't have one, and the CFPB says a prepayment penalty normally applies only if you pay off the whole loan, by selling or refinancing, within the first few years. For most mortgages made today, federal rules allow a penalty only on certain fixed-rate “qualified mortgages”, only in the first three years, and capped at 2% of the amount prepaid (1% in the third year). Your closing disclosure says whether your loan has one.
How do I make sure the extra goes to principal?
Tell your servicer, in writing or in the payment form, that the extra amount is for principal, then check your next statement. The CFPB recommends checking that extra payments are applied to principal rather than to interest.
Can extra payments get rid of PMI sooner?
Yes. You can ask your servicer to cancel private mortgage insurance once your balance reaches 80% of your home's original value, and extra payments bring that date closer. The automatic cutoff at 78% follows the original schedule, so extra payments don't move it.
Is my information saved anywhere?
No. The math runs in your browser and nothing you type is sent to us. The CSV file is made on your device.