Mortgage tools
Mortgage Payoff Calculator
Enter what you owe today and how long is left. See when you would be mortgage-free with extra payments. For a full month-by-month view, use the amortization schedule.
Required payment
$1,639
Mortgage-free in
18 yr 6 mo
Interest saved
$100,753
Compare extra payment amounts
| Extra per month | Paid off in | Time saved | Total interest | Interest saved |
|---|---|---|---|---|
| $0 | 27 yr 0 mo | 0 yr 0 mo | $281,000 | $0 |
| $100 | 23 yr 4 mo | 3 yr 8 mo | $235,573 | $45,427 |
| $200 | 20 yr 7 mo | 6 yr 5 mo | $203,878 | $77,121 |
| $500 | 15 yr 6 mo | 11 yr 6 mo | $147,016 | $133,984 |
| $1,000 | 11 yr 2 mo | 15 yr 10 mo | $101,630 | $179,370 |
Questions
How much extra should I pay to finish my mortgage early?
On a 30-year loan at 6.5%, about $200 a month extra typically cuts 6 to 7 years. Use the comparison table to see your own numbers.
Should I pay off my mortgage or invest?
Paying extra earns a guaranteed return equal to your mortgage rate. If you can reliably earn more elsewhere after tax, investing may win; many people split the difference.
Does biweekly payment help?
Paying half the monthly amount every two weeks adds up to one extra monthly payment per year, which usually shortens a 30-year loan by around 4 to 6 years.
Will paying early lower my monthly payment?
No. Extra payments shorten the loan, but the required payment stays the same unless you ask your lender to recast the loan.