Mortgage Payoff Calculator
Free mortgage payoff calculator to see how extra payments, biweekly payments, or lump sums shorten your loan. Interest saved, new payoff date, and full schedule, no signup.
Example Scenarios
$200 Extra Monthly
$280k • 6.5% • 25 yr left
Biweekly Payments
13th-payment effect only
$20k Lump Sum Now
One-time principal hit
Target Payoff Date
Paid off by Jun 2046
Current Loan View Results
Your Payoff Plan
Balance Over Time
Strategy Comparison
| Metric | Current Schedule | Accelerated Plan |
|---|
Updated Amortization Schedule
Month-by-month schedule under your acceleration plan. For schedule-first analysis, see the Amortization Calculator.
| # | Date | Payment | Interest | Principal | Balance |
|---|
How This Is Calculated
Baseline schedule uses your current balance, rate, and remaining term. Accelerated schedule adds extra monthly payments, biweekly conversion (one extra payment per year), and any lump sum. Target date mode reverse-solves the extra payment needed.
Everything behind the Mortgage Payoff Calculator
Formulas, reference charts, and detailed answers — expand any section you need.
Early Mortgage Payoff Calculator: What Extra Payments Save
An early mortgage payoff calculator quantifies the mechanism: every extra dollar goes straight to principal, and interest is charged on principal, so each extra payment eliminates interest on that amount for every remaining month. The savings scale with rate and remaining time, which is why the same $200 saves more on a fresh loan than a nearly finished one, and the calculator prices your exact position.
| Extra Monthly ($280k, 6.5%, 25 yrs left) | Time Cut | Interest Saved |
|---|---|---|
| $100 | ~2 yrs 10 mo | ~$36,000 |
| $200 | ~5 yrs | ~$67,000 |
| $500 | ~9 yrs 6 mo | ~$113,000 |
Mortgage Payoff Calculator: How Fast Can You Be Mortgage-Free?
This mortgage payoff calculator starts from your loan as it stands today, remaining balance, rate, and term, and shows what any acceleration does to it: extra monthly payments, biweekly payments, or a lump sum. The mortgage payoff calculator displays the new payoff date, the years cut, and the interest saved against your current schedule, or works in reverse from a target date to the exact extra payment that hits it.
Example: $200 extra monthly on a $280,000 balance at 6.5% with 25 years remaining pays off about 5 years early and saves roughly $67,000 in interest.
Biweekly Mortgage Payment Calculator
The biweekly mortgage payment calculator models the 26-half-payment effect: paying half the monthly amount every two weeks produces 13 full payments a year instead of 12, with the extra one hitting principal directly. On a typical loan that alone cuts 4 or more years and tens of thousands in interest. The honest footnote: servicers sometimes charge for biweekly programs, and adding one-twelfth of the payment to each monthly payment replicates the effect for free.
Mortgage Payoff Calculator With Lump Sum
The mortgage payoff calculator with lump sum applies a one-time principal payment at any month you choose and rebuilds the schedule from there. Timing matters: the same $20,000 saves more applied now than in year ten, because it stops accruing interest immediately for every remaining month. Bonuses, inheritances, and home-sale proceeds all price out here before they get committed.
Pay Off Mortgage Early or Invest? The Honest Comparison
Pay off mortgage early or invest is a real question with a real trade: extra principal payments earn your mortgage rate guaranteed, while investing targets a higher expected return with risk attached. A 6.5% mortgage prepaid is a 6.5% risk-free return, which most guaranteed instruments cannot match; a 7% expected market return beats it on paper and loses to it in bad decades. The comparison shows both end positions on your numbers, and the right answer legitimately varies by rate, horizon, and temperament.
Mortgage Payoff Calculator by Target Date
The target date mode inverts the question: enter the date you want to be mortgage-free, and the mortgage payoff calculator solves the exact extra monthly payment that gets there. A payoff tied to a retirement date or a child's graduation converts a vague intention into a fixed line in the budget, which is the difference between plans that happen and plans that drift.