Mortgage Payoff Calculator

Discover how extra payments can shorten your mortgage term and save thousands in interest. Free mortgage payoff calculator with amortization schedule - supports monthly, biweekly, and one-time extras.

If you know the remaining term of the loan

If you don't know the remaining term of the loan.

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Imagine Life Without a Mortgage Payment

Let's be honest: owning a home is great, but watching that mortgage payment disappear from your bank account every month? Not so much. It can feel like a marathon with no finish line in sight.
But here's the good news: you don't actually have to wait 30 years to own your home outright. With current rates sitting around 6.2% to 6.4%, putting even a little bit extra toward your principal can save you a fortune in interest. We built this calculator to help you see exactly how much time and money you can claw back. Whether it's an extra $50 a month or a one-time tax refund, see how much faster you can reach that "paid in full" feeling.

Is 2025 the Year You Finally Ditch the Mortgage?

Now that the market has finally settled down a bit, a lot of us are looking at our home loans and wondering: Is it worth it to pay this off early? The short answer is yes-and it's not just about the math. Here's why it's a smart move right now:
Stop giving so much to the bank: Most of your early payments go toward interest, not your actual home. Paying extra now "flips the switch" so you're actually buying your house, not just renting the money.
Get your "freedom date" closer: There's no feeling quite like knowing you'll be mortgage-free years ahead of schedule.
You actually own it: Every extra dollar you put in is a dollar of the house that officially belongs to you, not the lender.
Sleep better at night: Imagine how much less stressful life would be without that huge monthly bill hanging over your head, especially when you're ready to retire.
A hedge against "everything getting more expensive": By knocking out your debt now, you're locking in your housing costs while the price of everything else keeps climbing.

Simple Ways to Chip Away at Your Balance

The "Found Money" Strategy: If you get a year-end bonus, a tax refund, or even a small inheritance, consider putting it straight toward your principal. Since you aren't used to having that cash in your monthly budget, you won't even miss it.
The "Pay as You Go" Method: If you're paid weekly, try making weekly mortgage payments. It's a great way to stay ahead of the game without feeling a huge hit to your bank account all at once.
The 15-Year Swap: If you can swing a higher monthly payment, refinancing to a 15-year loan is like putting your mortgage on autopilot. You'll usually get a better interest rate and be forced to pay it off twice as fast.
The "Round-Up" Hack: This is the easiest one. If your mortgage is $1,820, just pay $1,900. You likely won't notice that extra $80, but over the years, those small "top-offs" add up to massive interest savings.
One Quick Tip: When you send extra cash, just double-check with your bank that it's going toward the principal (the actual loan balance) and not just toward next month's interest. Also, it's worth a 2-minute call to make sure there aren't any "prepayment penalties," though most modern loans don't have them anymore.

What Does This Actually Look Like in Dollars and Cents?

Numbers can feel a bit abstract until you see them in action. Let's look at a typical scenario:
Imagine you have $400,000 left on your home loan with a 6% interest rate. You've got 25 years to go.
The "Status Quo" Path: If you just keep making your standard payments, you'll be debt-free in 25 years, but you'll hand over about $347,000 in interest to the bank along the way.
The "Fast Track" Path: If you find a way to add $500 extra to your payment each month, everything changes. You'd be mortgage-free in just 17 years -chopping 8 years off your debt and keeping over $122,000 in your own pocket instead of the bank's.
Our calculator even builds a custom "roadmap" (a full payment schedule) so you can see exactly how each dollar brings you closer to that finish line.