Mortgage Payoff Calculator — Extra Payment Savings
Even $100 extra a month can cut years off a mortgage. Enter your current balance, rate, and remaining term to see how additional principal payments move up your payoff date and how many thousands of dollars in interest they eliminate.
- Time saved
- 5 yr 7 mo
- Interest saved
- $81,179.33
- Total interest (with extra)
- $256,020.11
How this calculator works
- Extra payments go 100% to principal, shrinking the balance that all future interest is calculated on — that's why small extras compound into large savings.
- $200/month extra on a $300k balance at 6.5% with 27 years left typically saves roughly $70–90k of interest and 5+ years of payments.
Frequently asked questions
Should I pay off my mortgage early or invest?
Paying a 6.5% mortgage is a guaranteed 6.5% return. Long-run stock returns average higher but aren't guaranteed. Many households split the difference after maxing tax-advantaged accounts.
Do lenders charge prepayment penalties?
Most conventional US mortgages originated after 2014 have none, but check your note — some non-QM loans still do.
Lump sum vs monthly extra?
Mathematically, money applied sooner saves more. A lump sum today beats the same total spread over years; recasting after a lump sum can also lower the required payment.
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Disclaimer: Results are estimates for educational purposes only and are not tax, legal, or financial advice. Tax rules are simplified (credits, phase-outs, and local taxes may not be modeled). Verify important decisions with the IRS, your state tax authority, or a licensed professional.