CalcuitCalcuit

Pay Off Calculator

Free pay off calculator for mortgages and loans — model extra monthly or biweekly payments to see interest saved, months saved, and a faster payoff date.

Pay off calculator

$
%
$

Added to each regular payment

$

Applied to principal immediately

Interest saved

$71,272

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)

#PaymentPrincipalInterestBalance
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.

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.

Related calculators