Pay Off Calculator
Free pay off calculator for mortgages and loans — model extra monthly or biweekly payments to see interest saved.
Pay off calculator
Added to each regular payment
Applied to principal immediately
Interest saved
Pay off 5 yr 7 mo sooner
New payoff
19 yr 5 mo
Payment
2182.9/mo
Interest saved
5 yr 7 mo sooner
Standard schedule
$279,871 interest
25 yr · $1,932.90/mo
Accelerated schedule
$208,599 interest
19 yr 5 mo · 2182.9/mo
Total interest
Remaining balance
Accelerated amortization (first 12 months)
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,182.90 | $682.90 | $1,500.00 | $299,317.10 |
| 2 | $2,182.90 | $686.32 | $1,496.59 | $298,630.78 |
| 3 | $2,182.90 | $689.75 | $1,493.15 | $297,941.03 |
| 4 | $2,182.90 | $693.20 | $1,489.71 | $297,247.83 |
| 5 | $2,182.90 | $696.67 | $1,486.24 | $296,551.16 |
| 6 | $2,182.90 | $700.15 | $1,482.76 | $295,851.01 |
| 7 | $2,182.90 | $703.65 | $1,479.26 | $295,147.37 |
| 8 | $2,182.90 | $707.17 | $1,475.74 | $294,440.20 |
| 9 | $2,182.90 | $710.70 | $1,472.20 | $293,729.49 |
| 10 | $2,182.90 | $714.26 | $1,468.65 | $293,015.24 |
| 11 | $2,182.90 | $717.83 | $1,465.08 | $292,297.41 |
| 12 | $2,182.90 | $721.42 | $1,461.49 | $291,575.99 |
Interest saved
$71,272
5 yr 7 mo sooner
How it works
This pay off calculator starts with your remaining balance and rate, plus either the years left on the loan or the monthly principal-and-interest payment from your statement.
Compare the standard schedule with an accelerated plan: a fixed extra monthly payment, biweekly half-payments (26 payments ≈ 13 months of cash each year), and an optional one-time principal reduction.
Results show interest saved, time saved, and balance trajectories so you can see whether speeding up payments is worth it for your cash flow.
Extra principal works because interest is charged on the remaining balance. Paying principal earlier permanently reduces future interest—if your servicer applies the extra correctly.
Use the numbers to compare strategies, then weigh opportunity cost: high-interest debt, emergency savings, and retirement matches can beat a low-rate mortgage prepayment.
Frequently asked questions
- What does a pay off calculator show?
- A pay off calculator compares your current loan schedule with a faster plan. You typically see a new payoff date, interest saved, and how extra or biweekly payments shrink the balance over time.
- Is a biweekly mortgage payment the same as paying half twice a month?
- Not quite. True biweekly means a payment every two weeks (26 times a year). That adds up to one extra monthly payment each year versus splitting a monthly amount into two calendar half-months.
- Should I always pay off my mortgage early?
- Not always. High-interest debt, emergency savings, and retirement matches often beat a low-rate mortgage. Use this pay off calculator to quantify interest savings, then weigh opportunity cost.
- Do extra payments always go to principal?
- Most lenders apply extra amounts to principal when marked correctly, but confirm with your servicer and watch for prepayment penalties on unusual loans.
- Can I use this for personal or auto loans?
- Yes, as long as the loan amortizes with a fixed rate. Enter the remaining balance, rate, and payment or remaining term the same way.
Related calculators
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- Mortgage Payoff CalculatorSee how extra monthly or lump-sum payments shave years and thousands of dollars in interest off your mortgage.