Mortgage Payoff Calculator
Enter your mortgage details and an extra monthly payment amount to see how much time and interest you'd save.
Last updated: September 22, 2026
Frequently asked questions
How much can I save by paying $200 extra per month on a $300,000 mortgage?
At 6.5% over 30 years, roughly $103,000 in interest and about 7 years off the loan term - extra payments compound in your favor since they reduce the balance that future interest is calculated on.
Does it matter when I start making extra payments?
Yes - extra payments made earlier in the loan save more interest, since more of the loan's remaining life is affected by the reduced balance. The same extra payment made in year 25 of a 30-year mortgage saves much less than starting in year 1.
Is paying off my mortgage early always the best financial move?
Not necessarily - it depends on your mortgage rate versus what you could earn investing that money elsewhere, whether you have higher-interest debt to pay off first, and how much you value the psychological benefit of being debt-free. There's no universal right answer.
Do extra payments automatically apply to principal?
Not always - many lenders apply extra payments to future interest or fees by default unless you specifically designate them as "principal only." Check with your servicer to make sure your extra payments are actually reducing principal as this calculator assumes.
What's the difference between this and a regular mortgage calculator?
A standard mortgage calculator shows your normal payment schedule as originated. This tool specifically models the effect of adding extra monthly payments on top of that schedule, showing the reduced payoff time and interest saved versus the original plan.
If I pay off my mortgage 7 years early, do I stop paying interest immediately?
Yes - once the balance hits zero, no further interest accrues, since interest is charged only on the outstanding balance each period. Every extra dollar of principal paid early removes all the future interest that would have been charged on that dollar for the rest of the loan.
Is 'extra principal payment calculator' the same tool as this one?
Yes - this calculator answers that exact question: enter your remaining balance, rate, term, and a monthly extra amount, and it shows the reduced term and interest saved from those extra principal payments.