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Mortgage Payoff Calculator
How extra monthly, yearly, lump-sum or biweekly payments shorten your mortgage and cut interest.
Calculated in your browser – nothing you enter is sent or stored.
This mortgage payoff calculator shows how much sooner you can be mortgage-free – and how much interest you save – by paying extra each month, once a year, with a lump sum or by switching to biweekly payments. Or set a target, such as "paid off in 15 years", and it tells you the extra monthly amount you need.
How to Use the Mortgage Payoff Calculator
- From your mortgage statement, enter the remaining balance, the interest rate and the time left on the loan.
- Choose Extra payments and enter what you can add monthly, yearly or now – or tick biweekly.
- Or choose Payoff by a date and enter how many years you want to be done in.
Example: $200 Extra a Month
You owe $250,000 at 6.5% with 25 years left, so your principal and interest payment is $1,688.02. Paying $200 extra each month pays the loan off in 19 years 6 months instead of 25, saving 5½ years and $64,928 in interest.
| Plan ($250,000, 6.5%, 25 years left) | Paid off in | Interest saved |
|---|---|---|
| Regular payments | 25 years | – |
| Biweekly (13 payments a year) | 20 yrs 10 mos | $49,728 |
| $200 extra a month | 19 yrs 6 mos | $64,928 |
| Paid off in 15 years | 15 years | needs $489.75 extra a month |
Why Extra Payments Work
Every extra dollar goes straight to principal. Interest is charged on the balance, so a lower balance means less interest every month after that – and more of each regular payment goes to principal. The effect snowballs, which is why extra payments early in a loan save the most.
Biweekly Payments Explained
Paying half your monthly payment every two weeks gives 26 half-payments, or 13 full payments a year instead of 12. That one extra payment a year shortens a typical loan by several years. You can get the same result by adding 1/12 of a payment each month. Watch out for companies that charge a fee to set up biweekly payments – your servicer may do it free, or you can do it yourself.
Should You Pay Off Your Mortgage Early?
Paying extra is a guaranteed, risk-free return equal to your mortgage rate. It makes the most sense when:
- You already have an emergency fund of 3–6 months of expenses.
- You have no higher-interest debt, such as credit cards – pay those first with the debt payoff calculator.
- You are getting your full 401(k) employer match.
- Your mortgage rate is higher than what you expect from safe investments.
Check that your loan has no prepayment penalty, and tell your servicer to apply extra money to principal. Your regular monthly payment stays the same until the loan is paid off.
Sources
Last reviewed: October 2026 by the ShrinkBee team. Results are estimates for planning and education, not financial, tax, legal or medical advice.
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