Mortgage Payoff Calculator
Mortgage payoff with extra payments: enter your balance, rate, years left and an extra monthly amount to see the interest saved, time saved and new payoff time. How it works
Use the Mortgage Payoff Calculator
About the Mortgage Payoff Calculator
On a $300,000 mortgage at 6.5% with 30 years left, paying an extra $200 a month clears the loan in 23 years 1 month and saves $103,450 in interest. The mortgage payoff calculator runs the same comparison for your own balance, rate, remaining term and extra payment, and also takes a one-time payment and a later start month for the monthly extra.
Extra payments on a $300,000 mortgage at 6.5% with 30 years left
| Extra per month | Monthly payment | New payoff time | Time saved | Interest saved |
|---|---|---|---|---|
| $100 | $1,996.20 | 26 years | 4 years | $60,996 |
| $200 | $2,096.20 | 23 years 1 month | 6 years 11 months | $103,450 |
| $500 | $2,396.20 | 17 years 6 months | 12 years 6 months | $179,762 |
| $1,000 | $2,896.20 | 12 years 9 months | 17 years 3 months | $241,165 |
The regular principal-and-interest payment is $1,896.20, and with no extra payments the interest still to come is $382,637. Fixed rate, extra paid every month from now on.
Five ways to pay extra on $200,000 at 4.5% with 30 years left
| Extra payment | Interest saved | Time saved |
|---|---|---|
| $100 a month from month 1 | $31,746 | 5 years |
| $10,000 once, with the first payment | $25,914 | 2 years 11 months |
| $100 a month from month 61 | $20,806 | 3 years 9 months |
| $84.45 a month (one-twelfth of the payment) | $27,695 | 4 years 4 months |
| $36.63 a month (payment rounded up to $1,050) | $13,383 | 2 years 1 month |
The regular payment is $1,013.37 and the interest still to come without extra payments is $164,814. Each row is one entry in the calculator: the extra monthly payment, the one-time payment or the start month.
Frequently asked questions
- How long will it take to pay off my mortgage with extra payments?
- It depends on the balance, the rate and the extra amount. On $300,000 at 6.5% with 30 years left, it takes 26 years with an extra $100 a month, 17 years 6 months with $500 and 12 years 9 months with $1,000.
- How much extra do I pay to clear a 30-year mortgage in 15 years?
- On $300,000 at 6.5%, an extra $718 a month. That raises the payment from $1,896.20 to $2,614.20 and saves $212,347 in interest.
- What does an extra $100 a month do to a mortgage?
- On $300,000 at 6.5% with 30 years left it saves $60,996 and ends the loan 4 years early. On $200,000 at 4.5% with 30 years left it saves $31,746 and ends the loan 5 years early.
- Do I enter the original loan or what I owe now?
- What you owe now, with the years left on it. The calculator works out the regular payment from those two figures, so a 30-year loan taken out five years ago goes in as today’s balance and 25 years.
- Is there a penalty for paying off a mortgage early?
- Some loans carry a prepayment penalty, a fee for paying off all or part of the mortgage early. The Consumer Financial Protection Bureau says it does not normally apply to small extra principal payments, but check with your lender. The calculator does not include a penalty.
- Do biweekly payments or rounding up pay off a mortgage faster?
- Yes, because the extra goes to principal. Half the payment every two weeks is 26 half-payments, or 13 full payments a year, close to adding one-twelfth of the payment each month: on $200,000 at 4.5% with 30 years left that is $84.45 a month, which saves $27,695 and 4 years 4 months. Rounding the $1,013.37 payment up to $1,050 adds $36.63 and saves $13,383 and 2 years 1 month. Ask your servicer how it applies biweekly payments; enter the one-twelfth amount here to compare.
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