Mortgage Payoff Calculator
See how extra payments or bi-weekly payments change your mortgage payoff date and total interest paid.
Loan Details
The original principal amount of your mortgage loan.
The original term of your mortgage in years.
Your mortgage's annual percentage rate (APR).
Years remaining on your mortgage.
Additional months remaining beyond full years (0–11). Used to calculate your current amortization schedule.
Continue with regular monthly payments
Add extra monthly, annual, or one-time payments
Make payments every two weeks (26 per year)
Pay the remaining balance immediately as a lump sum
Extra Payments
Additional amount paid each month toward principal.
Additional lump-sum payment made once per year. Common examples include tax refunds or bonuses.
A single lump sum payment to apply immediately.
Payoff in
17 years, 3 months
Time saved
7 years, 9 months
Interest saved
$122,306.21
Comparison
Monthly payment
Your regular monthly mortgage payment amount.
Total payments
Total amount you'll pay over the life of the loan.
Total interest
Total interest you'll pay over the life of the loan.
Remaining payments
Number of payments left to pay off the loan.
Remaining interest
Total interest remaining to be paid.
Payoff in
Time until the loan is fully paid off.
About this calculator
This Mortgage Payoff Calculator helps compare different strategies for paying off a mortgage early, including extra payments, bi-weekly payments, and lump-sum payoffs.
It shows how each strategy affects your payoff date, total interest paid, and time saved compared to making only the required monthly payments.
Use this tool to understand the trade-offs between keeping cash flexible and reducing long-term interest costs.
What each input means
- Original loan amount is the original principal amount of your mortgage.
- Original loan term is the original length of the mortgage in years.
- Annual interest rate is your mortgage’s annual percentage rate (APR).
- Remaining term is the number of years remaining on your mortgage.
- Remaining months is additional months remaining beyond full years. Used to calculate your current amortization schedule.
- Repayment strategy is the payoff approach you want to compare, such as normal payments, extra payments, bi-weekly payments, or paying the balance all at once.
- Extra monthly payment is an additional amount paid each month toward principal.
- Extra annual payment is an additional lump-sum payment made once per year. Common examples include tax refunds or bonuses.
- One-time payment is a single lump-sum payment applied immediately.
Understanding mortgage payoff strategies
A mortgage payment consists of two parts: principal (the amount borrowed) and interest (the cost of borrowing). Early in the loan, a larger portion of each payment goes toward interest because the outstanding balance is highest.
Making extra payments toward principal reduces the loan balance faster. This lowers the amount of interest charged in future months, which can reduce total interest paid and shorten the loan term.
This calculator models several common payoff strategies: adding extra monthly or annual payments, making a one-time lump-sum payment, and switching to bi-weekly payments (26 per year), which results in the equivalent of one extra monthly payment per year.
Each strategy accelerates principal reduction in a different way, producing different payoff timelines and interest savings.
Key considerations before paying off a mortgage early
- Opportunity cost – Extra payments may earn higher returns if invested elsewhere.
- Interest rate – Lower mortgage rates reduce the benefit of early payoff.
- Liquidity – Money used for extra payments is less accessible.
- Prepayment penalties – Some loans charge fees for early payoff (less common today).
- Personal preference – Some borrowers value being debt-free over maximizing returns.
This calculator helps quantify the trade-offs but does not recommend a specific strategy.
Key assumptions & limitations
- Fixed-rate mortgage – Assumes a fixed-rate mortgage.
- Constant interest rate – Interest rate remains constant.
- No taxes or inflation modeled – Taxes and inflation are not modeled.
- No refinancing – Does not account for refinancing.
- Estimates only – Results are estimates, not financial advice.
This calculator is intended for planning and comparison purposes.