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Mortgage payoff calculator
See how extra payments shorten your mortgage and slash total interest — then download the full schedule to Excel or PDF.
Your mortgage payoff plan
| # | Date | Payment | Principal | Interest | Extra | Balance |
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Estimates only, not a loan offer. Excludes taxes, insurance and fees unless entered. See our disclaimer.
How to pay off your mortgage early
A 30-year mortgage front-loads interest: in the early years, most of each payment covers interest rather than principal. Adding even a modest amount to principal each month breaks that pattern. Because interest is charged on the remaining balance, every extra dollar today saves you interest on that dollar for the rest of the loan.
Enter your loan amount, rate and term above, then add an extra monthly payment or a one-time lump sum (for example, a tax refund or bonus). The calculator instantly shows your new payoff date, the total interest you'll pay, and — most importantly — how much interest and how many years you save versus the standard plan.
A worked example
On a $350,000 mortgage at 6.5% over 30 years, the required payment is about $2,212/month and you'd pay roughly $446,000 in interest. Adding just $200 a month to principal pays the loan off several years early and saves tens of thousands in interest. Try it above and download the schedule to see your own numbers.
Frequently asked questions
- How do extra mortgage payments shorten my loan?
- Any amount above your required payment goes straight to principal. A smaller balance means less interest accrues each month, so more of every future payment attacks principal — compounding the effect and moving your payoff date earlier.
- Will extra payments lower my monthly payment?
- No. Extra principal shortens the term but your required monthly payment stays the same, unless you ask your lender to "recast" the loan. To lower the payment instead, look at recasting or refinancing.
- Should I pay extra or refinance?
- If your rate is high and you qualify for a meaningfully lower one, refinancing can beat extra payments. If your rate is already low, extra principal is the simpler, fee-free way to save interest. Model both before deciding.
- Can I download the payoff schedule?
- Yes. Click Excel, CSV or PDF to download your exact schedule, including the interest-saved and time-saved summary, to share with your lender or keep for records.