Free Mortgage Payoff Calculator
See how much time and money you can save by making extra monthly payments or switching to biweekly payments. A powerful tool for financial planning and achieving debt freedom sooner.
Current Mortgage Details
years
Payoff Strategy
Payoff Summary
Time Saved
6years
11 months
Interest Saved
$101,985
Original PayoffFebruary 2056
New PayoffMarch 2049
Monthly Payment$1896.20
💡Tip: Even small extra payments can make a big difference! Try different amounts to find what works for your budget.
The Power of Extra Payments
Making even small extra payments on your mortgage can have a huge impact over the life of the loan. Here's why:
- Principal Reduction: Every dollar you pay over your required monthly payment goes directly toward reducing your principal loan balance.
- Interest Savings: Because interest is calculated on your outstanding balance, reducing the principal means you pay less interest over time. As this calculator shows, this can add up to tens of thousands of dollars in savings.
- Build Equity Faster: Paying down your principal faster means you build equity in your home more quickly, which increases your net worth.
- Biweekly Payments: Switching to biweekly payments (half your monthly payment every two weeks) results in 26 payments per year, which equals 13 monthly payments. This extra payment goes entirely toward principal.
Before Making Extra Payments:
- Confirm with your lender that extra funds will be applied directly to principal
- Check for prepayment penalties in your mortgage agreement
- Ensure you have an emergency fund before committing to extra payments
- Consider whether paying down high-interest debt should be a priority