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Mortgage Payoff Calculator
See how extra payments save you years and thousands in interest.
Payoff Date
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With extra payments
Time Saved
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vs. original schedule
Interest Saved
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vs. original schedule
Base Monthly Payment
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Principal + interest
To hit your payoff goal
To pay off by , you need:
— extra per month
Remaining balance over time
How extra mortgage payments work
Every extra dollar you pay on your mortgage goes entirely toward reducing the principal balance — none of it is absorbed by interest. A smaller principal means less interest accrues next month, which means even more of your regular payment goes to principal. This snowball effect is why even modest extra payments can cut years off a 30-year mortgage.
Extra annual payments — like a year-end bonus or tax refund — can be especially powerful. Because they reduce the principal in one large chunk, they reset your amortization schedule from a lower starting point for all future months.
Tips for paying off your mortgage faster
- Even $100–$200 extra per month can shave 4–6 years off a 30-year loan at typical rates.
- Direct your annual bonus or tax refund as a lump-sum extra payment — specify January or whenever you typically receive it.
- Check your mortgage terms: most conventional loans have no prepayment penalty, but some do.
- If your rate is low, compare the interest saved against potential investment returns before aggressively prepaying.