Mortgage payoff calculator
Pay off your mortgage sooner. Add an extra monthly or one-time payment and see how many years it cuts off — and how much interest you save. No email, no lender.
Rate prefilled with today’s ~30-yr average (6.684%) from our live board — edit freely.
How extra payments pay off your mortgage sooner
Your scheduled payment is split each month between interest (charged on the balance) and principal. Any extra you add goes entirely to principal, permanently shrinking the balance that interest is charged on — for every remaining month. That compounding is why a small recurring extra, or a lump sum early on, can cut years off a 30-year loan and save a large slice of total interest. This calculator amortizes your loan twice — with and without the extra — and shows the difference.
Extra payments vs. investing
Paying down a mortgage is a guaranteed return equal to your interest rate. Investing may beat that over time but is not guaranteed. The right call depends on your rate, your after-tax expected returns, and how much you value being debt-free. Know your real rate first — see today’s board — then run both scenarios here.