See how extra monthly payments can save you years of payments and thousands in interest
This mortgage payoff calculator shows how adding extra payments to your monthly mortgage can save years of payments and thousands of dollars in interest. See a side-by-side comparison of your standard and accelerated payoff dates. Even small extra payments can make a dramatic difference over time. This calculator helps you create a strategy to become mortgage-free sooner, showing the exact payoff date and total interest savings with your chosen extra payment amount.
The calculator computes the standard amortization schedule and then simulates accelerated payments to determine interest saved and months reduced.
Even small extra payments of $50-$200 per month can save thousands in interest and shave years off your mortgage term, depending on your rate and balance.
Paying extra on your mortgage saves interest, but consider other priorities like emergency savings, higher-interest debt, and retirement contributions first.
Even $50 to $200 per month can make a significant difference. The calculator lets you experiment with different amounts to find a balance between accelerating your payoff and maintaining financial flexibility.
This depends on your mortgage rate versus expected investment returns. If your mortgage rate is below 4-5%, investing may yield higher returns. Paying off a higher-rate mortgage provides a guaranteed return.
Mortgage interest is tax-deductible for many homeowners. As you pay off your mortgage faster, you will have less interest to deduct. Consult a tax professional for your specific situation.
Yes, lump-sum payments such as tax refunds or bonuses can be applied to your principal. Many mortgages allow annual lump-sum payments of up to 20% of the balance without penalty.