Mortgage Payoff Calculator

Make extra principal payments (even $100/month helps). Switch to biweekly payments (makes 13 payments/year). Apply tax refunds or bonuses as lump sums. Round up your payment. Refinance to a shorter term. Avoid resetting the clock when refinancing.

Consider your mortgage rate vs investment returns, tax benefits (interest deduction), emergency fund status, other debt rates, and retirement savings. Generally, pay off if rate > 5-6% or you want peace of mind. Invest if rate < 4% and you're comfortable with debt.

Instead of 12 monthly payments, you make 26 half-payments (every two weeks). This equals 13 full payments per year instead of 12. The extra payment goes to principal, typically saving 4-6 years and tens of thousands in interest on a 30-year mortgage.

On a $300K mortgage at 7%, $200/month extra saves $95K in interest and pays off 8 years early. Even $50/month saves $25K and 2 years. The earlier you start, the more you save due to compound interest working in reverse.

Most conventional loans have no prepayment penalty. Some loans (especially older ones or certain private loans) may have penalties for the first 3-5 years. Check your loan documents or contact your servicer. Federal law limits prepayment penalties.