Mortgage Payoff Calculator
See exactly what an extra principal payment buys you — the interest saved and the years cut off your loan.
FAQ
- How much does paying extra on my mortgage save?
- Every extra dollar of principal erases all the future interest that dollar would have accrued for the rest of the loan — which is why even a small monthly extra can save tens of thousands over a 30-year term and shave years off the payoff. Enter an amount to see your exact numbers.
- Is it better to pay extra monthly or make one lump sum?
- Both help; consistent monthly extra is easiest to sustain and starts compounding immediately. The earlier in the loan you add extra, the more interest you avoid, because early payments are mostly interest.
- Are there downsides to paying off early?
- Make sure your lender applies extra to principal (not prepaid future payments) and check for a prepayment penalty. Also weigh it against higher-return uses of the money — if your mortgage rate is low, investing the extra may beat the guaranteed 'return' of avoided interest.
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