Mortgage Payoff Calculator
See how extra payments can help you pay off your mortgage faster and save on interest.
Extra payments
Time saved
5 years 6 months
New payoff date Jul 2045
Interest saved
$64,928
Base payment
$1,688
Comparison
Original payoff
Jan 2051
Total interest
$256,405
With extra payments
Jul 2045
Total interest
$191,477
Balance over time
Payment schedule
| Month | Payment | Principal | Balance |
|---|---|---|---|
| 1 | $1,888 | $534 | $249,466 |
| 13 | $1,888 | $570 | $242,830 |
| 25 | $1,888 | $608 | $235,749 |
| 37 | $1,888 | $648 | $228,194 |
| 49 | $1,888 | $692 | $220,133 |
| 61 | $1,888 | $738 | $211,532 |
| 73 | $1,888 | $788 | $202,356 |
| 85 | $1,888 | $840 | $192,564 |
| 97 | $1,888 | $897 | $182,117 |
| 109 | $1,888 | $957 | $170,970 |
| 121 | $1,888 | $1,021 | $159,077 |
| 133 | $1,888 | $1,089 | $146,387 |
| 145 | $1,888 | $1,162 | $132,847 |
| 157 | $1,888 | $1,240 | $118,401 |
| 169 | $1,888 | $1,323 | $102,987 |
| 181 | $1,888 | $1,412 | $86,541 |
| 193 | $1,888 | $1,506 | $68,993 |
| 205 | $1,888 | $1,607 | $50,270 |
| 217 | $1,888 | $1,715 | $30,293 |
| 229 | $1,888 | $1,829 | $8,978 |
| 234 | $1,888 | $1,561 | $0 |
Benefits of extra payments
Making extra payments reduces your principal faster, which means less interest accrues. Even small additional amounts can save thousands in interest and years off your loan.
Payment strategies
Bi-weekly payments (26 half-payments per year = 13 full payments), round up payments, apply windfalls (bonuses, tax refunds), or make one extra payment per year.
Things to consider
Check for prepayment penalties, ensure extra payments go to principal, consider if higher-interest debt should be paid first, and maintain an emergency fund before aggressive payoff.