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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.
Educational calculators — always consult a licensed professional before making financial decisions.
Find this on your most recent mortgage statement.
Found on your mortgage note or monthly statement.
A 30-year loan has 360 months total. If you started 3 years ago, enter 324.
Even $100–$200 extra per month can save years and thousands in interest.
Interest saved
$70,866
By paying $200 extra per month
Without Extra vs. With Extra
Interest comparison
Without extra payments
$300,366
With extra payments
$229,500
You save
$70,866
Estimates for educational purposes only. Confirm extra payment allocation with your lender. Consult a licensed mortgage professional.
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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 |
State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee
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.
Want to try different numbers?
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Early Mortgage Payoff Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.