Mortgage Payoff Calculator
See how extra payments shorten your mortgage and cut interest.
Paid off in
18 yr 1 mo
Without extra
24 yr 9 mo
Time saved
6 yr 8 mo
Interest saved
$86,900
Why extra payments punch above their weight
Every extra dollar retires principal immediately, canceling all the future interest that dollar would have generated — on a 6.5% mortgage, $300 extra monthly typically cuts 6–8 years off a fresh 30-year term. The earlier in the loan, the bigger the effect.
Payoff vs. invest
Prepaying a mortgage 'earns' the loan's rate risk-free. Whether that beats investing depends on the rate: at 3% many prefer investing; at 7% prepaying is a strong guaranteed return. Keep the emergency fund intact either way — home equity is illiquid.
Frequently asked questions
- How does the Mortgage Payoff Calculator work?
- See how extra payments shorten your mortgage and cut interest.
- Is the Mortgage Payoff Calculator free to use?
- Yes. The Mortgage Payoff Calculator is completely free, runs entirely in your browser, and requires no account or sign-up. Your inputs never leave your device.
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