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Pay off a 30-year mortgage in 15 years
Enter your loan and a target payoff time. We'll calculate the exact extra payment needed — and the interest it saves.
Pay off in a target number of years
Want the full month-by-month schedule with this extra payment, plus an Excel/PDF download? Open the mortgage payoff calculator →
Estimates only, not a loan offer. See our disclaimer.
The simple math of a faster payoff
Paying off a 30-year mortgage in 15 years just means making a larger payment than required. Because mortgage interest is charged on the outstanding balance, the bigger payment knocks down principal much faster, and you stop paying interest for the loan's entire second half.
The calculator above does the hard part: it searches for the precise extra amount that hits your target date. Try different targets — 20, 15, or even 10 years — to find a payment that fits your budget.
Two ways to get there
- Pay extra on your existing 30-year loan. Keeps the lower required payment as a safety net; you simply choose to pay more. No refinance, no fees.
- Refinance into a 15-year loan. Often a lower rate, but the higher payment becomes mandatory. Best if you're confident in your income and the rate drop is meaningful.
Frequently asked questions
- How much extra do I need to pay off a 30-year mortgage in 15 years?
- It depends on your balance and rate, but as a rule of thumb you need to pay roughly 35–45% more than your required payment. The calculator above shows the exact extra amount for your loan — for example, a $200,000 loan at 6% needs about $489 extra per month.
- Is it better to pay extra on a 30-year loan or just get a 15-year mortgage?
- A 15-year mortgage usually has a lower interest rate but locks you into the higher payment. Paying extra on a 30-year loan keeps the lower required payment as a safety net while letting you hit the same payoff date voluntarily. Compare both before deciding.
- Will I really save that much interest?
- Yes. Cutting a 30-year loan to 15 years typically saves well over half the total interest, because you stop paying interest for the final 15 years entirely. The calculator shows your exact interest saved.