Mortgage Payoff Calculator
See how much interest you save and years you cut by paying extra on your mortgage. Compare strategies: extra monthly, bi-weekly, or lump sum.
Extra payments go directly to principal reduction
Real-World Extra Payment Impact
| Strategy | Interest Saved | Time Saved |
|---|---|---|
| $100/mo extra on $300K at 6.5% 30yr | ~$60,000+ | ~4 years |
| $200/mo extra on $400K at 7% 30yr | ~$126,000+ | ~6 years |
| $500/mo extra on $400K at 6% 30yr | ~$122,000 | ~7 yrs 9 mo |
| 1 extra payment/year (typical 30yr) | Varies | 4–6 years |
| Bi-weekly payments on $300K at 4% 30yr | ~$30,860 | ~4–5 years |
Source: Analysis of current 6% rates. Current 30-year fixed: 5.98% (Freddie Mac, Feb 2026).
US Mortgage Market Data (2026)
Key Formulas
M = P × [r(1+r)^n] / [(1+r)^n − 1]Balance -= (M + Extra − Interest)26 payments/yr = 13 monthly ≈ +1 payment/yrNew Balance = Balance − Lump Sum🔒 All calculations happen in your browser — no data is stored or sent
Related Tools
Free Mortgage Payoff Calculator — Pay Off Early & Save Thousands
Want to pay off your mortgage early and save tens of thousands in interest? Our free mortgage payoff calculator shows you exactly how much you save — and how many years you cut — by making extra payments. Enter your remaining balance, rate, and term to see your personalized payoff plan instantly.
Compare four strategies side-by-side: minimum payment, extra $100/month, extra $200/month, and bi-weekly payments. Add a one-time lump sum payment to see its impact. The amortization schedule shows exactly how your balance decreases year by year. On a $336,000 loan at 6%, just $200/month extra saves ~$93,400 in interest and pays off 6 years early. All calculations happen in your browser — your financial data is never stored or sent anywhere.
How to use Mortgage Payoff Calculator
- Enter your remaining mortgage balance — This is the current outstanding loan amount (not the original). Find it on your latest mortgage statement.
- Set interest rate and remaining term — Enter your current interest rate and how many years remain on the loan. The defaults (6%, 30 years) reflect current market averages for Feb 2026.
- Enter extra monthly payment — Type any additional amount you can pay each month above your required payment. Even $100/month makes a significant difference over decades.
- Toggle bi-weekly payments (optional) — Switch to bi-weekly means you make 26 half-payments per year, equivalent to 13 monthly payments — one extra payment per year.
- Add a lump sum (optional) — Enter a one-time extra payment (tax refund, bonus) applied immediately to your principal balance.
- Review your savings — See total interest saved, months cut from your loan, and the multi-strategy comparison table to find the strategy that fits your budget.
Features
- Extra Monthly Payment — Enter any additional monthly amount to see exact interest savings and payoff date acceleration.
- Bi-Weekly Payment Toggle — Switch from monthly to bi-weekly payments (26 per year = 1 extra month annually) with a single click.
- Lump Sum Support — Model the impact of a one-time extra payment (tax refund, bonus) applied to principal.
- Multi-Strategy Comparison — View minimum, +$100/mo, +$200/mo, +$500/mo, and bi-weekly side-by-side in one table.
- Amortization Schedule — Year-by-year breakdown of principal paid, interest paid, and remaining balance (first 5 years).
- Real Market Data — Current 2026 mortgage rates and US mortgage statistics for context.
- 100% Client-Side — All calculations run locally in your browser. No financial data is collected or transmitted.
Frequently Asked Questions
Is it worth paying extra on your mortgage?
Almost always yes, especially with rates above 4%. On a $336,000 loan at 6%, paying $200/month extra saves approximately $93,400 in interest and cuts 6 years off the loan. The key question is opportunity cost: compare your mortgage rate against guaranteed after-tax returns elsewhere. If your rate is 6% and you have no other high-interest debt, extra mortgage payments provide a guaranteed 6% return.
How much does one extra mortgage payment a year save?
One extra payment per year is equivalent to bi-weekly payments (26 half-payments = 13 full payments/year). On a typical 30-year $300,000 mortgage at 6.5%, one extra payment per year saves approximately $60,000+ in interest and cuts 4–5 years off the loan. The earlier in the loan term you start, the greater the impact — early payments reduce the principal that compounds interest.
What happens if I pay an extra $500 a month on my mortgage?
On a $400,000, 30-year mortgage at 6%, paying $500/month extra saves approximately $122,000 in interest and reduces the payoff time by about 7 years and 9 months. Extra payments go directly to principal reduction (interest is calculated first on the remaining balance each month), which is why they have such a powerful compounding effect on loan payoff time.
Is it better to pay extra principal or make bi-weekly payments?
Both reduce principal faster, but extra monthly payments give you more flexibility. Bi-weekly payments (26 per year) are equivalent to one extra annual payment — automatic and disciplined. Extra monthly payments give you control over the amount. For maximum savings, do both: switch to bi-weekly AND add extra monthly payments.
Does paying extra on mortgage go to principal?
Yes — extra payments beyond the required monthly amount go entirely to principal reduction. Each month, your lender calculates interest on the remaining balance first, then applies the rest to principal. When you pay extra, that entire additional amount reduces your principal balance, which directly reduces the interest charged next month.
How can I pay off my 30-year mortgage in 15 years?
On a $300,000 loan at 6%, the required monthly payment is $1,799. To pay it off in 15 years, you would need to pay approximately $2,532/month — an extra $733/month. Use the calculator to find the exact extra payment needed for your specific balance and rate. The multi-strategy comparison table shows 4 common scenarios side-by-side.
Should I pay off my mortgage or invest?
Compare your after-tax mortgage rate vs. expected investment returns. If your rate is 6% and you expect 7–10% stock returns (S&P 500 historical average), investing may win mathematically. However, paying off the mortgage provides a guaranteed, risk-free return equal to your rate, plus emotional benefits of being debt-free. Many financial advisors recommend both: maximize 401k match first, then split extra funds between investing and extra mortgage payments.