Early Mortgage Payoff Calculator

This calculator shows you how much money and time you save by paying off your mortgage faster. You enter your loan details, pick a strategy like extra payments or biweekly payments, and it gives you a side-by-side comparison of your original schedule versus your new plan. It also shows a chart, a full payment table, and step-by-step math.

Pick I Know My Remaining Term if you know your original loan amount and how many years are left. Pick I Know My Remaining Balance if you know the exact dollar amount you still owe and your current monthly payment. Both modes give the same results. Just use whichever info you have on hand.

No. Enter only your principal and interest (P&I) payment. Do not include property taxes, homeowners insurance, or PMI. Your mortgage statement usually breaks these out separately.

Yes. When you choose the Extra Payments strategy, you can enter all three at once. The calculator adds them all together and shows you the combined effect on your loan.

The slider lets you quickly test different extra monthly payment amounts. As you drag it, the results update right away so you can see how paying $100, $200, $500, or any amount per month changes your savings and payoff date.

Instead of one monthly payment, you pay half your payment every two weeks. Since there are 52 weeks in a year, you make 26 half-payments. That equals 13 full payments per year instead of 12. The extra payment goes toward your balance and helps you pay off your loan faster.

This option lets you apply a large one-time lump sum to your balance right now. You can enter the full balance to see what it costs to pay off the entire loan today, or enter a smaller amount to see how a partial lump sum shortens your loan.

The calculator uses your original loan amount, interest rate, original term, and remaining term to figure out your current balance. It uses the standard amortization formula to find how much principal you have already paid and subtracts that from the original amount.

The calculator uses your balance, monthly payment, and interest rate to solve for the number of months left. It uses the formula n = −ln(1 − B×i/M) / ln(1+i), where B is your balance, i is your monthly rate, and M is your payment.

It compares several extra monthly payment amounts side by side, such as $0, $100, $200, and $500. For each amount, it shows the new monthly total, interest saved, time saved, and new payoff date. If your chosen amount is different from these defaults, it also appears in the table highlighted as your scenario.

No. The calculator assumes you can make extra payments without any penalty. Check with your lender to confirm there is no prepayment penalty on your loan before you start paying extra.

No. This calculator assumes a fixed interest rate for the entire life of your loan. If you have an adjustable rate mortgage (ARM), the results will only be accurate for the current rate period.

The original schedule shows every payment if you make no changes to your loan. The accelerated schedule shows every payment with your chosen payoff strategy applied. You can switch between them using the toggle buttons above the table.

This calculator applies all extra payments directly to your principal balance. This is how you save the most interest. When you send extra money to your lender, make sure you tell them to apply it to principal, not to advance future payment dates.

The solid line shows your remaining balance under the original schedule. The dashed line shows your balance with the payoff strategy applied. The gap between the two lines shows how much faster you are paying down your loan.

The results are based on standard mortgage amortization math and are very accurate for fixed-rate loans. Small differences from your actual loan may occur due to rounding, your lender's exact payment processing dates, or escrow adjustments.

The calculator will show an error and ask you to lower your extra payment. You cannot pay more than what you owe. If you want to pay off the full balance, use the Pay Off Altogether strategy and enter your remaining balance.

Yes. You can use it for any fixed-rate mortgage term, whether it is 10, 15, 20, 25, or 30 years. Just enter your actual loan term in the years and months fields.

It shows the share of your remaining interest that you avoid paying. For example, if you would have paid $100,000 in interest and the new plan brings it down to $60,000, you saved 40% of your interest.

Yes. When you type in any field or move the slider, the calculator updates your results automatically after a short pause. You can also press the Calculate button to update right away.