Mortgage Payoff Calculator
See how much sooner your mortgage dies — and how much interest you save — when you add extra to every monthly payment.
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How it works
Months to payoff n = −ln(1 − B·r/M) ÷ ln(1+r); interest = M·n − BFrequently Asked Questions
How much faster will extra payments pay off my mortgage?
An extra $200/month on a $250,000 balance at 6.5% cuts roughly 5–6 years off a 30-year schedule and saves tens of thousands in interest, because every extra dollar goes straight to principal.
Is it better to pay extra monthly or make one lump sum?
Mathematically, sooner is better: a lump sum today saves more interest than the same total spread over the year. Practically, a recurring extra payment is easier to sustain — this calculator models the recurring approach.
Should I pay off my mortgage early or invest?
Paying extra earns a guaranteed return equal to your mortgage rate. If your rate is high, that guaranteed return is hard to beat; if it is low, long-term investing may earn more. Many people split the difference.