Mortgage Payoff Calculator
Free · no sign-up · reviewed July 2026
Adding a little extra to your mortgage payment each month can save a shocking amount of interest and cut years off your loan. This calculator shows exactly how much, based on your balance, rate and how much extra you can throw at it.
The two lines show your balance falling over time: the gray line is your current pace, and the green line is with your extra payment. The gap between where they hit zero is the years you'd buy back.
Drag to adjust
Interest you'd save
$88,258
and pay off 6 yr sooner (in 22 yr)
💡 Paying an extra $200 a month knocks 6 yr off your mortgage and saves you $88,258 in interest. Same house, $88,258 that stays in your pocket instead of the bank's.
$88,258
Interest saved
over the loan
6 yr
Time saved
off your term
22 yr
Paid off in
was 28 yr
- Without extra$0
- With extra payment$0
- Normal monthly payment
- $1,941
- With extra payment
- $2,141
- Interest without extra
- $352,192
- Interest with extra
- $263,934
- Interest saved
- $88,258
- Time saved
- 6 yr
The 2-minute guide
Why extra payments punch above their weight
Every extra dollar goes straight to principal, which means you stop paying interest on that dollar for the entire remaining life of the loan. Early in a mortgage, when most of your normal payment is interest, extra principal is especially powerful. That's why even $100 or $200 a month can save tens of thousands.
The biweekly trick
Paying half your mortgage every two weeks instead of once a month sneaks in one extra full payment per year (26 half-payments equals 13 monthly payments). It's an easy, almost painless way to shave years off the loan. You can copy the effect here by dividing one monthly payment by 12 and entering that as your extra.
Make sure it's the best use of the money first
Paying off a mortgage early is great, but check the order of operations: grab any 401(k) match, clear high-interest debt like credit cards, and build an emergency fund before overpaying a low-rate mortgage. If your mortgage rate is high, though, extra payments are a guaranteed, tax-simple return.
Frequently asked questions
How much do extra mortgage payments save?
It depends on your balance, rate and how much extra you pay, but the savings are usually large. For example, an extra $200 a month on a $300,000 loan at 6.5% can save well over $100,000 in interest and shave years off the term. Enter your numbers above for your exact figure.
Is it better to pay extra on principal each month?
Yes, if paying down the mortgage is your goal, making sure the extra goes toward principal (not prepaying future interest) is what shortens the loan and cuts interest. Tell your servicer to apply extra payments to principal, and confirm they do.
Should I pay off my mortgage early or invest?
It's part math, part psychology. If your mortgage rate is higher than what you'd reliably earn investing, paying it down wins. If it's a low rate, investing may come out ahead over the long run, but many people value the guaranteed return and peace of mind of being debt-free. There's no wrong answer.
Do extra payments lower my monthly payment?
No. Extra payments shorten the loan and cut total interest, but your required monthly payment stays the same. If you want a lower required payment, you'd need to refinance or ask your lender about recasting the loan.
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