🏡 Mortgage Payoff Calculator
See how much interest you save and how much sooner you own your home by paying extra each month, making a one-time lump-sum payment or switching to biweekly payments.
Quick answer: Paying an extra $200 a month on a $250,000 mortgage balance at 6.5% with 25 years left saves $64,927.56 in interest and pays the loan off 5 years 6 months early.
Updated · Free · No sign-up · Works on any device
Mortgage Payoff Calculator inputs
Result
Interest saved
$64,927.56
Mortgage-free 5 years 6 months sooner – in Apr 2046 instead of Oct 2051
| Regular payment | $1,688.02 |
| Extra each month | $200.00 |
| New payoff date | Apr 2046 |
- Time saved
- 5 years 6 months
- Interest saved
- $64,927.56
- Interest with extra payments
- $191,477.12
Current plan vs. paying extra
| Current plan | With extra payments | Difference | |
|---|---|---|---|
| Payoff date | Oct 2051 | Apr 2046 | 5 years 6 months |
| Number of payments | 300 | 234 | 66 |
| Total interest | $256,404.68 | $191,477.12 | $64,927.56 |
| Total paid | $506,404.68 | $441,477.12 | $64,927.56 |
Year by year
| Year | Balance – current | Balance – with extra | Interest – current | Interest – with extra |
|---|---|---|---|---|
| 1 | $245,872.23 | $243,399.41 | $16,128.47 | $16,055.65 |
| 2 | $241,468.03 | $236,356.79 | $15,852.04 | $15,613.62 |
| 3 | $236,768.85 | $228,842.50 | $15,557.06 | $15,141.95 |
| 4 | $231,754.96 | $220,824.96 | $15,242.35 | $14,638.70 |
| 5 | $226,405.28 | $212,270.48 | $14,906.56 | $14,101.76 |
| 6 | $220,697.32 | $203,143.09 | $14,548.28 | $13,528.85 |
| 7 | $214,607.09 | $193,404.40 | $14,166.01 | $12,917.55 |
| 8 | $208,109.00 | $183,013.51 | $13,758.15 | $12,265.35 |
| 9 | $201,175.72 | $171,926.71 | $13,322.96 | $11,569.44 |
| 10 | $193,778.08 | $160,097.42 | $12,858.60 | $10,826.95 |
| 11 | $185,885.03 | $147,475.91 | $12,363.19 | $10,034.73 |
| 12 | $177,463.38 | $134,009.11 | $11,834.59 | $9,189.44 |
| 13 | $168,477.70 | $119,640.43 | $11,270.56 | $8,287.56 |
| 14 | $158,890.23 | $104,309.43 | $10,668.77 | $7,325.24 |
| 15 | $148,660.67 | $87,951.68 | $10,026.68 | $6,298.49 |
| 16 | $137,746.02 | $70,498.41 | $9,341.59 | $5,202.97 |
| 17 | $126,100.40 | $51,876.29 | $8,610.62 | $4,034.12 |
| 18 | $113,674.84 | $32,007.00 | $7,830.68 | $2,786.95 |
| 19 | $100,417.11 | $10,807.04 | $6,998.51 | $1,456.28 |
| 20 | $86,271.50 | $0.00 | $6,110.63 | $201.52 |
| 21 | $71,178.52 | $0.00 | $5,163.26 | $0.00 |
| 22 | $55,074.75 | $0.00 | $4,152.47 | $0.00 |
| 23 | $37,892.47 | $0.00 | $3,073.96 | $0.00 |
| 24 | $19,559.47 | $0.00 | $1,923.24 | $0.00 |
| 25 | $0.00 | $0.00 | $695.45 | $0.00 |
How to use the mortgage payoff calculator
Enter your current balance, interest rate and the time left on the loan, then add any combination of an extra monthly payment, a one-time lump sum (and which payment it goes with) or biweekly payments. The calculator compares your current schedule with the accelerated one.
The formula
Your regular payment is recalculated from the balance, rate and remaining term:
M = B × r(1 + r)n ÷ ((1 + r)n − 1)
Each month interest = balance × r, and everything above the interest – including extra payments – reduces the balance. The loan ends when the balance reaches zero; interest saved is the difference in total interest between the two schedules.
Worked example
A $250,000 balance at 6.5% with 25 years left has a payment of $1,688.02 and $256,404.68 of interest to come. Adding $200 a month cuts the remaining term to 19 years 6 months (payoff in Apr 2046 instead of Oct 2051) and saves $64,927.56 of interest.
Extra payment comparison ($250,000, 6.5%, 25 years left)
| Extra per month | Time saved | Interest saved |
|---|---|---|
| $100 | 3 years 1 month | $37,671.20 |
| $200 | 5 years 6 months | $64,927.56 |
| $500 | 10 years 1 month | $115,667.84 |
| Biweekly | 4 years 2 months | $49,728.08 |
| $10,000 lump sum now | 2 years 3 months | $36,746.81 |
Tips for paying off early
- Tell your lender extra money is for principal so it isn't held as a prepaid future payment.
- Check for overpayment limits or early-repayment charges, common outside the US.
- Recasting after a big lump sum lowers the payment instead of the term, if you prefer cash flow.
Estimates for educational purposes, not financial advice.
Frequently asked questions
How much faster will I pay off my mortgage with extra payments?
It depends on your rate and balance. On $250,000 at 6.5% with 25 years left, $200 extra a month finishes 5 years 6 months early; doubling it to $400 saves even more because every dollar of principal stops accruing interest.
Is a lump sum or extra monthly payment better?
Money paid earlier saves more interest, so a lump sum now beats the same total spread over later months. Monthly extras are easier to sustain; many people do both, adding bonuses or tax refunds as lump sums.
How do biweekly mortgage payments work?
You pay half your monthly payment every two weeks. That is 26 half-payments – 13 full payments – a year instead of 12. The calculator models this as one-twelfth of a payment added to principal each month.
Should I pay off my mortgage early or invest?
Paying extra earns a guaranteed return equal to your mortgage rate. If you can reliably earn more after tax elsewhere, investing may build more wealth, but first build an emergency fund and clear higher-rate debt.
Are there prepayment penalties?
Most US mortgages have none. In Canada, the UK and the GCC, fixed-rate mortgages often cap overpayments (for example 10–20% a year) and charge early-repayment fees above that – check your terms.