🏠 Mortgage Calculator

Mortgage Payoff Calculator

See how extra payments can dramatically shorten your mortgage term and save thousands in interest. Find your fastest path to being mortgage-free.

Current Mortgage Details

Enter your existing mortgage info

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1%15%
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If already paying, enter remaining balance
💰 Extra Payment Strategy
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Interest Saved
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vs. normal schedule
New Payoff Date
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Monthly Payment
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Months Saved
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Base Total Interest
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New Total Interest
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Base Monthly Payment—
Extra Monthly Payment—
Original Payoff—
New Payoff Date—
Months Saved—
Total Interest Saved—

FAQ

How much can extra payments save?
On a $320,000 mortgage at 6.5% for 30 years, adding just $200/month extra saves over $70,000 in interest and pays off the mortgage 6 years early.
What is the best strategy for extra payments?
The simplest strategy is to add a fixed amount to every payment. You can also make bi-weekly payments (26 half-payments per year = 1 extra full payment per year).
Can I make extra payments on any mortgage?
Most mortgages allow extra payments. Check your loan agreement for any prepayment penalties (uncommon on modern mortgages). Always verify that extra payments are applied to the principal.