Early Payoff Calculator

Discover how extra payments can save you thousands in interest and years off your mortgage.

Loan Details

Loan Amount

Interest Rate (%)

Loan Term (Years)

Extra Monthly Payment$200

Interest Saved

$126,617.91

22.7% reduction

Time Saved

5.8 years

70 months earlier

New Payoff

24y 3m

vs 30.083333333333332y standard

By paying an extra $200 per month, you'll save $126,617.91 in interest and pay off your loan 5.8 years earlier.

Strategy Comparison

Compare different payoff strategies

Benefits of Paying Off Your Mortgage Early

Making extra mortgage payments can significantly reduce the total interest you pay and help you become debt-free faster. Even small additional payments can make a big difference over time.

Strategies for Early Payoff

Extra Monthly Payments: Add a fixed amount to each monthly payment
Biweekly Payments: Pay half your monthly payment every two weeks (13 payments/year)
Annual Lump Sum: Make one large payment per year (e.g., tax refund, bonus)
Refinance to Shorter Term: Switch from 30-year to 15-year mortgage

Things to Consider

Check if your lender charges prepayment penalties
Ensure extra payments go toward principal, not future payments
Balance mortgage payoff with other financial goals (retirement, emergency fund)
Consider your interest rate—if it's very low, investing might yield better returns