🏦 Mortgage Payoff Calculator
See how extra monthly payments reduce your mortgage interest and shorten your loan term. Visualize your savings with interactive charts.
Monthly Payment
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Interest Saved
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Years Saved
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Balance Over Time
Amortization Comparison (Yearly)
| Year | Original Balance | Extra Payment Balance | Interest Saved |
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About Mortgage Payoff
Making extra payments on your mortgage is one of the most effective ways to build equity and reduce total interest. Even modest additional payments compound over the life of a 30-year loan, potentially saving tens of thousands of dollars.
Frequently Asked Questions
How much can I save by making extra mortgage payments?Even $100/month extra on a $300,000 mortgage at 7% can save over $50,000 in interest and cut 5+ years off your loan.
Should I make extra mortgage payments or invest?If your mortgage rate exceeds your after-tax investment return, extra payments win. Otherwise, investing may be better.
Does a one-time lump sum payment help?Yes. It directly reduces principal, cutting all future interest on that amount and shortening your loan.
What is mortgage amortization?It's how payments split between principal and interest. Early payments are mostly interest; over time, more goes to principal.
Can I pay off my 30-year mortgage in 15 years?Yes, with roughly double payments. Use this calculator to find the exact extra amount needed.
Are there penalties for early mortgage payoff?Some loans have prepayment penalties (2-3% of balance). Check your agreement. Most post-2014 conventional loans have none.
How does extra payment affect taxes?Less interest means a smaller deduction, but the savings almost always exceed the lost tax benefit.
Is bi-weekly payment better than monthly extra?Bi-weekly = 26 half-payments = 13 full payments/year, equivalent to one extra monthly payment.