Mortgage Payoff Calculator
Enter your loan balance, rate, and monthly payment to see your payoff date, total interest, and exactly how much extra payments save you.
Enter Your Mortgage Details
Added on top of your minimum. Even small amounts save thousands.
Enter your loan details to see your payoff timeline.
Why Mortgage Interest Adds Up Fast
A 30-year mortgage at today's rates means you pay nearly as much in interest as you borrowed. Small extra payments change that math dramatically.
Median U.S. mortgage balance
$244,000
Federal Reserve, 2024
Average 30-year fixed rate
6.8%
Freddie Mac, 2024 average
Interest saved with $200/mo extra
$67,000+
on a typical $300K 30-year loan
Proven Ways to Pay Off Your Mortgage Faster
Make biweekly payments
Pay half your monthly amount every two weeks instead of one full payment per month. You end up making 13 full payments per year instead of 12, shaving years off your mortgage with no lifestyle change.
Round up every payment
If your payment is $1,847, pay $1,900 or $2,000 instead. The extra $53 to $153 goes directly to principal each month. Over 30 years, rounding up by $100 saves roughly $25,000 in interest.
Apply windfalls to principal
Tax refunds, bonuses, and work reimbursements hit your mortgage principal rather than sitting in a checking account. A single $5,000 lump sum early in your loan can save over $15,000 in interest.
Refinance to a shorter term
Switching from a 30-year to a 15-year mortgage roughly doubles your monthly payment but cuts your total interest by nearly half. Run the numbers when rates drop 0.75% or more below your current rate.
Frequently Asked Questions
Does paying extra on a mortgage go toward principal?
Yes, if you specify it. When making an extra payment, mark it as "apply to principal" (or check the box in your lender's online portal). Without that instruction, some servicers will apply it to your next month's payment instead, which does not reduce your balance or save interest.
Should I pay off my mortgage early or invest instead?
At today's mortgage rates (6-7%), paying down principal is a guaranteed, risk-free return equal to your rate. Long-run stock market returns historically average 7-10%, but with much more volatility. Most financial planners recommend a split: max your employer 401(k) match first, then split extra dollars between investing and extra mortgage payments.
What is the difference between a 15-year and 30-year mortgage?
On a $300,000 loan at 6.8%, a 30-year mortgage costs about $1,954/month and $404,000 in total interest. A 15-year mortgage costs about $2,660/month but only $178,000 in total interest. The 15-year saves roughly $226,000 in interest at the cost of $706 more per month.
Does paying off my mortgage early affect my tax deduction?
Paying off faster reduces your mortgage interest deduction each year. However, you only recover 22-37 cents per dollar of interest paid (depending on your tax bracket), so paying less interest is almost always the better financial outcome. The deduction is not a reason to keep debt.
Will my monthly payment go down if I pay extra toward principal?
No. Your required monthly payment stays the same. What changes is the payoff date: extra principal payments shorten the loan term, meaning you reach $0 balance sooner and stop making payments earlier. Some lenders offer recasting (re-amortizing), which does lower your payment after a large lump sum, but it usually costs a fee and is optional.
Have Other Loans Too?
PayoffPath lets you plan your mortgage alongside student loans, car payments, and credit cards in one place. See which to pay first and how fast you can become completely debt-free.
Plan All Your Loans Together