Mortgage Early Payoff Calculator
Adding even a small extra payment every month—applied directly to principal—can shave years off your mortgage and thousands of dollars in interest. Enter your loan and the extra amount you can afford; the results below show your new total interest, new payoff date, and how much sooner the loan is retired versus the original schedule.
Inputs
Results
See Personalized RatesMonthly P&I
$2,212.24
With tax/ins/PMI
$2,687.24
Total interest
$319,801.73
Payoff date
May 2049
Balance & interest over time
Does paying extra really matter?
On a $350,000 30-year loan at 6.5%, an extra $250/month saves roughly $73,000 in interest and pays off the loan about 5.5 years early. The earlier in the loan you start, the bigger the savings, because every dollar of principal you eliminate this month removes a dollar that the rate would compound against for the next 29 years.
Common early-payoff strategies
- Biweekly payments — 26 half-payments equal 13 full monthly payments per year.
- Round-up — pay $1,950 when the bill is $1,876.16.
- Annual lump-sum — apply tax refunds or bonuses directly to principal.