Mortgage Payoff Calculator

See how extra payments can help you pay off your mortgage faster. Compare strategies and calculate interest savings.

Payoff Summary

Time Saved

9y 7m

Faster payoff

Interest Saved

$131,411

Original PayoffDec 2055
New PayoffMay 2046
Original Interest$356,968
New Interest$225,557

Current Mortgage

$
50,0001,000,000
%
$

Payoff Strategy

$
502,000

Adding $300 to each monthly payment.

Balance Over Time

Extra Payment Comparison

Extra/MonthTime SavedInterest SavedNew Payoff
$1004y 3m$60,159Sep 2051
$2508y 6m$117,351Jun 2047
$50012y 11m$173,463Jan 2043
$1,00017y 9m$230,321Mar 2038

Strategy Comparison

Biweekly Payments

5 years, 10 months faster

Save $81,376

$300/month Extra

9 years, 7 months faster

Save $131,411

$3600/year Extra

9 years, 4 months faster

Save $126,901

Quick Tips

Round Up

Round your payment to the nearest $100 for easy extra principal.

Tax Refunds

Apply annual tax refunds as lump sum principal payments.

Specify Principal

Label extra payments as "principal only" to ensure they reduce balance.

Automate

Set up automatic extra payments so you don't forget.

Payoff Summary

Time Saved

9y 7m

Faster payoff

Interest Saved

$131,411

Original PayoffDec 2055
New PayoffMay 2046
Original Interest$356,968
New Interest$225,557

Quick Answer

A mortgage payoff calculator shows how extra payments reduce your payoff time and total interest. At practicalwebtools.com, enter your current mortgage details and extra payment amount to see your new payoff date. Even $100 extra per month on a $300,000 mortgage can save over $30,000 in interest and pay it off 4+ years early.

Key Facts

  • Extra payments go directly to principal, reducing interest owed
  • $100/month extra on $300K mortgage at 7% saves $30K+ and 4+ years
  • Bi-weekly payments (26 half-payments) equal 13 monthly payments per year
  • Making one extra payment per year can cut 4-5 years off a 30-year mortgage
  • Early payoff eliminates PMI requirement sooner if applicable
  • Check your mortgage for prepayment penalties before paying extra

Frequently Asked Questions

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.