Mortgage Payoff Calculator
See your payoff date, the interest still ahead of you, and how many years a little extra each month takes off the loan.
Your result
Fill in your numbers to see your score
You'll get a 0 to 100 decision score, a plain-English verdict, your key figures, and one practical next move. Everything is calculated in your browser and nothing is saved.
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The four numbers you need
- Current balance: what you owe today, not what you originally borrowed.
- Interest rate: your annual rate, entered as a percentage.
- Years remaining: what is left on the term. Five years into a 30-year loan means 25, not 30.
- Extra payment: optional, and the number that does the work.
Why extra payments do so much on a mortgage
Interest is charged on the balance that remains, so a dollar paid early removes every future interest charge that dollar would have carried. Early in a loan most of your payment is interest, which is exactly why extra payments made now save far more than the same payments made near the end of the term.
Bi-weekly payments, explained simply
Paying half your monthly amount every two weeks produces 26 half payments a year, which is 13 full payments instead of 12. That single extra payment is the whole benefit, so setting aside a twelfth of your payment each month achieves the same result without a new schedule.
Before you accelerate payoff
- Fund your emergency savings first, since home equity is hard to access quickly.
- Clear higher-rate debt, such as credit cards or car loans, before the mortgage.
- Confirm with your servicer that extra amounts are applied to principal.
- Check for prepayment penalties, which are rare but not extinct.
See a tailored answer for your salary
Jump to a version of this calculator pre-filled for your income bracket.
Frequently asked questions
How does this mortgage payoff calculator work?
It amortizes your current balance at your interest rate and monthly principal-and-interest payment, then repeats the calculation with your extra payment added. The difference between the two timelines is the time and interest you save.
Should I enter my original loan amount or my current balance?
Use your current balance from your latest statement. The original loan amount includes principal you have already repaid, which would overstate both the payoff date and the interest ahead of you.
Does an extra $100 a month really matter on a mortgage?
Yes. Extra payments go straight to principal, so they remove all the future interest that principal would have generated. On a 30-year loan at typical rates, $100 a month commonly takes several years off the term.
Is a bi-weekly payment schedule better than paying extra monthly?
They work the same way. Paying half your monthly amount every two weeks results in 26 half payments, which is 13 full payments a year rather than 12. That one extra payment is the entire effect.
Should I pay off my mortgage early or invest the money instead?
Compare your mortgage rate with the return you realistically expect after tax. A high rate makes payoff attractive because the saving is guaranteed. A low rate makes investing more attractive, but paying off the loan is still the lower-risk choice.
Is this financial advice?
No. The results are educational estimates based only on the numbers you enter, and they are not financial, legal, or professional advice.
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Financial disclaimer
This calculator provides general educational estimates only. It is not investment, tax, legal, or professional financial advice, and it does not account for every part of your situation. For decisions that matter, consider speaking with a qualified professional. Read our full financial disclaimer.