Mortgage Payoff Calculator
Find out exactly when you'll be mortgage-free and how much you can save with extra payments, lump sums, or biweekly conversion. See your original vs accelerated payoff date side-by-side.
Three ways to pay off your mortgage faster
1. Add a recurring extra to each monthly payment
Even $100-200 extra principal each month can shave years off a 30-year mortgage. The earlier in the loan you start, the bigger the impact — because you reduce principal that would otherwise accrue interest for decades.
2. Apply lump sums (tax refund, bonus, inheritance)
A one-time $5,000-10,000 lump sum applied early in the loan can save tens of thousands in interest. The trick: apply it to principal only — confirm the instruction with your servicer in writing.
3. Switch to biweekly payments
Pay half your monthly payment every two weeks instead of one full payment monthly. You make 26 half-payments per year — equivalent to 13 monthly payments instead of 12. That hidden 13th payment compounds into significant interest savings over a 30-year loan.
Should you pay off your mortgage early?
Not always. Compare your mortgage rate to what you could earn investing elsewhere. If you have a 3% fixed-rate mortgage and could earn 5-7% in a diversified portfolio, the math may favor investing the extra. If your mortgage is at 7%+, paying it down is essentially a guaranteed 7% return.
Other considerations: Will you lose mortgage interest deduction? Do you have higher-rate debt to pay first? Is your emergency fund full? Are you maxing tax-advantaged retirement accounts?
Watch out for prepayment penalties
Most modern US mortgages don't carry prepayment penalties — but check your note. Some non-conforming or commercial loans do. The penalty is usually limited to the first 3-5 years of the loan.
Disclaimer: This calculator provides estimates only. Confirm with your lender that extra payments apply to principal — some servicers require an explicit instruction. Some loans carry prepayment penalties. This is not financial advice.