Mortgage Payoff Calculator

About This Tool

The Mortgage Payoff Calculator shows you exactly how extra payments can help you pay off your home loan early and save thousands in interest. By making additional monthly payments, biweekly payments, or one-time lump sum contributions, you can dramatically shorten your loan term and reduce the total cost of your mortgage. This free tool runs entirely in your browser with no sign-up or data collection.

Over the life of a 30-year mortgage, homeowners typically pay more in interest than the original loan amount. For example, a $300,000 mortgage at 6.5% generates over $382,000 in total interest. Even modest extra payments can eliminate years of payments and tens of thousands of dollars in interest charges. Our calculator quantifies exactly how much you can save.

How to Use

1. Enter your current mortgage balance or original loan amount
2. Input your annual interest rate
3. Select the remaining loan term or original term in years
4. Add your planned extra monthly payment, one-time lump sum, or both
5. Review how much time and interest you save compared to the standard payment schedule

Strategies for Paying Off Your Mortgage Early

There are several proven approaches to accelerating your mortgage payoff. Making one extra monthly payment per year (by paying biweekly instead of monthly) can shave 4-5 years off a 30-year mortgage. Rounding up your payment to the nearest $100 is another simple method. For homeowners who receive bonuses, tax refunds, or windfalls, applying lump sums directly to principal provides immediate interest savings on every future payment.

Before committing to extra payments, make sure you have no higher-interest debt (like credit cards), a fully funded emergency fund covering 3-6 months of expenses, and are contributing enough to retirement accounts to capture any employer match. Once these priorities are met, directing extra funds toward your mortgage is one of the safest guaranteed returns available, equal to your mortgage interest rate.