Early Mortgage Payoff Calculator
Find out how much you save in interest and how many years you shave off your mortgage by making extra monthly payments. Even small amounts add up fast.
What you'll need
- Current loan balance (from your mortgage statement)
- Your current interest rate
- Months remaining on your loan
- Extra monthly payment you can afford
What you'll get
Total interest saved
In real dollars
Time saved
Months and years off your payoff
New payoff timeline
When you'll be mortgage-free
Before vs after comparison
Side-by-side interest total
How It Works
Enter current mortgage
Input remaining balance, interest rate, and remaining months on your loan.
Set extra payment amount
Choose a fixed extra monthly amount, annual lump sum, or one-time payment.
See payoff results
Get months saved, interest savings, and new payoff date.
Extra Payment Impact: $280,000 at 7% (25 yrs left)
| Extra/Month | Payoff Sooner | Interest Saved |
|---|---|---|
| $100/mo | 2 yrs 1 mo | $22,800 |
| $200/mo | 4 yrs 2 mo | $41,400 |
| $500/mo | 8 yrs 9 mo | $77,600 |
| $1,000/mo | 13 yrs 4 mo | $108,000 |
Frequently asked questions
How much does an extra $100/month save on a mortgage?
On a $300,000 mortgage at 6.75% with 25 years remaining, an extra $100/month typically saves about $20,000–$25,000 in interest and shortens the payoff by 2–3 years. The earlier in your loan you start, the more you save.
Do extra mortgage payments go to principal?
Yes — when you make extra payments, you should instruct your lender to apply them to principal. This directly reduces your balance, lowering future interest charges. Always confirm with your lender that extra funds are applied to principal, not escrow.
Is it better to invest extra money or pay off my mortgage?
It depends on your interest rate and investment returns. If your mortgage rate is 7% and you expect 10% stock market returns, investing may win mathematically. But mortgage payoff is guaranteed and risk-free. Consider your risk tolerance, tax situation, and emergency fund before deciding.
What is a mortgage curtailment?
A curtailment is a partial prepayment of your principal beyond your regular monthly payment. It reduces your balance, which lowers future interest charges. A full curtailment pays off the entire loan early. Always specify that a curtailment should be applied to principal — not future payments — when sending extra funds to your servicer.
Does paying off my mortgage early have any downsides?
Potential downsides include prepayment penalties (rare but check your loan documents), reduced mortgage interest deduction if you itemize taxes, and tying up cash that could be liquid. Some lenders also have minimum payoff amounts. Always confirm your loan has no prepayment penalty before accelerating payoff.
Ready to see your savings?
Calculate My Early Payoff →