How it works
See how much time and interest you can save by making extra payments on your mortgage.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
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?balance=Current Balance ($)Number · Optional · Default: 250,000
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?rate=Interest Rate (%)Number · Optional · Default: 6.5
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?currentPayment=Current Monthly Payment ($)Number · Optional · Default: 1,800
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?extraPayment=Extra Monthly Payment ($)Number · Optional · Default: 200
Outputs
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originalMonthsOriginal payoff monthsNumber
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newMonthsAccelerated payoff monthsNumber
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interestSavedInterest savedCurrency · Primary output
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monthsSavedMonths savedNumber
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Accelerate your mortgage debt reduction
Description
The Mortgage Payoff Calculator allows you to see the impact of making extra monthly payments on your mortgage. It calculates how much interest you can save and how much sooner you will be debt-free by increasing your monthly contribution.
Inputs
- Current Balance: The remaining principal balance on your mortgage ($).
- Interest Rate: Your mortgage’s annual interest rate (%).
- Current Monthly Payment: The amount you are currently paying toward principal and interest ($).
- Extra Monthly Payment: The additional amount you plan to pay each month to speed up the payoff ($).
Outputs
- Interest Saved: The total amount of interest you will avoid paying over the life of the loan.
- Time Saved: The number of years and months shaved off your mortgage term.
- New Payoff Time: The adjusted time it will take to reach a zero balance.
Chart
- N/A: This tool focuses on the comparison between original and accelerated payoff timelines.
“Good to Know”
- Even a small extra payment (e.g., $100/month) can save tens of thousands of dollars in interest on a typical 30-year mortgage.
- Most mortgages allow for prepayment without penalty, but it is always wise to confirm with your lender.
- Extra payments made early in the loan term have the greatest impact because they reduce the principal on which interest is calculated for all subsequent months.
Examples
Example 1: Aggressive Paydown
- Input:
- Balance: $250,000
- Rate: 6.5%
- Current Payment: $1,800
- Extra Payment: $500
- Output:
- Interest Saved: ~$95,000
- Time Saved: ~6.2 Years
Example 2: Small Monthly Boost
- Input:
- Balance: $150,000
- Rate: 4%
- Current Payment: $1,000
- Extra Payment: $100
- Output:
- Interest Saved: ~$12,500
- Time Saved: ~2.5 Years
Example 3: Large Balance Scenario
- Input:
- Balance: $500,000
- Rate: 7%
- Current Payment: $3,500
- Extra Payment: $250
- Output:
- Interest Saved: ~$58,000
- Time Saved: ~2.1 Years