Mortgage Payoff Calculator
See how extra payments, biweekly schedules, or lump sums can shorten your mortgage and save thousands in interest. Compare original vs accelerated payoff side by side, updated instantly as you type.
Mortgage Details
Known remaining term
EXTRA PAYMENTS (OPTIONAL)
Original Schedule
Sep 2051
300 payments
- Monthly Payment
- $2,026
- Total Interest
- $307,686
- Total Paid
- $607,686
Accelerated Schedule
Sep 2051
300 payments
- Monthly Payment
- $2,026
- Total Interest
- $307,686
- Total Paid
- $607,686
📉 Balance: Original vs Accelerated
Payoff Schedule
| Year | Interest Paid | Principal Paid | Balance |
|---|---|---|---|
| Year 1 | $19,354 | $4,953 | $295,047 |
| Year 2 | $19,022 | $5,285 | $289,762 |
| Year 3 | $18,668 | $5,639 | $284,123 |
| Year 4 | $18,291 | $6,017 | $278,106 |
| Year 5 | $17,888 | $6,420 | $271,686 |
| Year 6 | $17,458 | $6,850 | $264,837 |
| Year 7 | $16,999 | $7,308 | $257,529 |
| Year 8 | $16,510 | $7,798 | $249,731 |
| Year 9 | $15,988 | $8,320 | $241,411 |
| Year 10 | $15,430 | $8,877 | $232,534 |
| Year 11 | $14,836 | $9,472 | $223,062 |
| Year 12 | $14,202 | $10,106 | $212,957 |
| Year 13 | $13,525 | $10,783 | $202,174 |
| Year 14 | $12,803 | $11,505 | $190,669 |
| Year 15 | $12,032 | $12,275 | $178,393 |
| Year 16 | $11,210 | $13,098 | $165,296 |
| Year 17 | $10,333 | $13,975 | $151,321 |
| Year 18 | $9,397 | $14,911 | $136,411 |
| Year 19 | $8,398 | $15,909 | $120,501 |
| Year 20 | $7,333 | $16,975 | $103,527 |
| Year 21 | $6,196 | $18,111 | $85,415 |
| Year 22 | $4,983 | $19,324 | $66,091 |
| Year 23 | $3,689 | $20,619 | $45,472 |
| Year 24 | $2,308 | $21,999 | $23,473 |
| Year 25 | $835 | $23,473 | $0 |
How to Pay Off Your Mortgage Faster
Every mortgage has two ways to look at it: what the bank scheduled, and what's actually possible once you start directing extra dollars at principal. Our mortgage payoff calculator runs both scenarios side by side — your current loan on autopilot versus the accelerated version — so you can see the exact new payoff date and interest saved before you change a thing. For the full monthly payment picture including taxes and insurance, see our mortgage calculator and amortization calculator.
💵 Extra Monthly Payments
- Extra $100/month on a $300K loan at 6.5% (25yr) ≈ $26,000 saved
- Extra $300/month ≈ $62,000 saved and roughly 6 years shorter
- Extra $500/month ≈ $88,000 saved and roughly 9 years shorter
Every dollar applied to principal early compounds — run your own figures above for an exact number.
📆 Biweekly Payment Strategy
Paying half your monthly payment every 2 weeks quietly adds 26 half-payments — 13 full payments/year instead of 12 — with no separate budget line.
On a $300K, 6.5%, 25-year mortgage, switching to biweekly alone can save roughly $18,000-30,000 in interest and cut 2-3 years off the loan — no extra budget required, just toggle the switch above.
💰 Lump-Sum Extra Payments
- Tax refunds, bonuses, or inheritance can make a meaningful dent in one shot
- A $10,000 lump sum early in the loan can save $15,000-25,000 in interest
- Earlier in the loan = more savings, since compounding has longer to work
- Always confirm extra payments post to principal, not future scheduled payments
🤔 Should You Pay Off Early?
- Pay off early if: your rate is above what you'd confidently earn investing, or you value the certainty
- Invest instead if: your rate is low and your investment horizon is long
- Prioritize first: an emergency fund and any high-interest debt before extra mortgage payments
A guaranteed “return” equal to your mortgage rate is hard to beat risk-free.
— FAQ