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Mortgage Payoff Calculator

See how extra monthly or lump-sum payments shave years and thousands of dollars in interest off your mortgage.

Mortgage & Extra Payments

$
%
$

Accelerated Payment Strategy

$
$

Total Interest Saved

$101,200

Pay off your mortgage 7.3 years earlier (88 months sooner)

New payoff time

22.7 years

Original payoff time

30.0 years

Side-by-Side Comparison: Standard vs Accelerated Payoff

Scenario A: Regular Payments
Monthly Payment:
$1,770/mo
Total Interest:
$356,968
Total Cost:
$636,968
Scenario B: With Extra Payments
Total Monthly Payment:
$1,970/mo
Total Interest:
$255,769
Total Cost:
$535,769

How it works

The Mortgage Payoff Calculator demonstrates how making extra principal payments accelerates your mortgage payoff date and reduces lifetime interest.

Compare your standard amortization schedule side-by-side with an accelerated schedule using extra monthly payments or one-time lump sums.

Because mortgages front-load interest payments, even modest extra payments made in the early years disproportionately reduce the remaining principal.

See the exact number of years and months saved along with total interest dollars saved.

Frequently asked questions

How much can an extra $100 or $200 a month save on a mortgage?
On a $300,000, 30-year mortgage at 6.5%, an extra $200 per month can save over $65,000 in total interest and pay off the loan more than 5 years early.
Does my extra payment automatically go toward principal?
Most mortgage servicers require you to specify that extra funds are designated as 'Principal-only payment' to ensure they reduce your loan balance rather than being held for future monthly installments.
Are there prepayment penalties on residential mortgages?
Most modern conventional, FHA, and VA loans do not have prepayment penalties, but verify with your lender or loan documents.

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