Mortgage Payoff Calculator

Discover how extra payments can save you thousands in interest and help you become mortgage-free years earlier

Basic Loan Information

Original Loan Amount ($)

The original amount you borrowed

Original Term (Years)

Original loan term in years

Annual Interest Rate (%)

Your mortgage interest rate

Calculation Method

I know the remaining term

I know the unpaid balance and monthly payment

Remaining Years

Remaining Months (Optional)

Extra Payment Options

One-time Extra Payment ($)

Monthly Extra Payment ($)

Annual Extra Payment ($)

Switch to biweekly payments

Pay half your monthly payment every 2 weeks (26 payments/year)

Payoff Analysis

Your mortgage payoff breakdown

Enter mortgage details to see your payoff analysis

Understanding Mortgage Payoff Strategies

Extra Payment Benefits

Interest Savings: Extra payments go directly to principal, reducing total interest paid
Time Savings: Pay off your mortgage years earlier than scheduled
Equity Building: Build home equity faster with accelerated principal payments

Payment Strategies

Monthly Extra: Add a fixed amount to each monthly payment
Annual Lump Sum: Use tax refunds or bonuses for extra payments
Biweekly Payments: Pay half monthly amount every 2 weeks (26 payments/year)

Important: Before making extra mortgage payments, ensure you have an emergency fund, are maximizing employer 401(k) matching, and have paid off higher-interest debt. Consider your mortgage interest rate versus potential investment returns when deciding on extra payments.