Mortgage Payoff Calculator with Extra Payments
See exactly how much faster you'll pay off your home loan — and how much interest you'll save — by adding extra monthly payments, switching to biweekly payments, or making a one-time lump-sum payment. Free, private, and instant. Nothing you enter leaves your browser.
| Without extra | With extra | |
|---|---|---|
| Payoff time | — | — |
| Total interest | — | — |
| Total paid | — | — |
View full amortization schedule (with extra payments)
| Month | Payment | Principal | Interest | Extra | Balance |
|---|
Disclaimer: This calculator provides estimates for educational purposes only and is not financial advice. Results assume a fixed interest rate and on-time payments. Your actual loan terms, escrow, fees, and servicer rules may differ. Confirm how extra payments are applied with your mortgage servicer.
How extra mortgage payments work
Your mortgage interest is calculated on your current outstanding balance. Early in a 30-year loan, most of each payment goes to interest and only a small slice reduces the balance. When you pay more than your required amount and that extra money is applied to principal, you shrink the balance faster — which means less interest is charged every month afterward. That effect compounds over the life of the loan, which is why relatively small extra payments can remove years from your term.
Three ways to pay your mortgage off early
- Extra monthly payments. Add a fixed amount to every payment. Predictable and easy to budget. On a $350,000 loan at 6.5% over 30 years, an extra $200/month typically removes several years and saves tens of thousands in interest.
- Biweekly payments. Pay half your monthly amount every two weeks. Because there are 26 two-week periods in a year, you make the equivalent of 13 monthly payments instead of 12 — one extra payment per year, almost painlessly.
- One-time lump sum. Apply a bonus, tax refund, or windfall directly to principal. The earlier you apply it, the more interest you save, because the balance is reduced for the entire remaining term.
A worked example
Take a $350,000 loan at 6.5% for 30 years. The required payment is about $2,212/month, and if you pay only that, you'll pay roughly $446,000 in interest over the full term. Add $200 extra each month and you pay the loan off years sooner and save a large share of that interest. Change the numbers in the calculator above to see the exact figures for your own loan.
Should you pay extra — or invest instead?
Paying down a mortgage is a guaranteed return equal to your interest rate. If your rate is high, prepaying is hard to beat risk-free. If your rate is low, long-term investing may earn more, though with more risk. Also keep an emergency fund and pay off higher-interest debt (like credit cards) first. This is a personal decision — consider speaking with a licensed financial professional.
Frequently asked questions
How much sooner will I pay off my mortgage if I pay extra?
It depends on your balance, rate, and how much extra you pay. Even $100 extra per month on a typical 30-year loan often removes 4–6 years and tens of thousands in interest. Use the calculator above for your exact numbers.
Do extra payments go toward principal or interest?
Interest is charged on your current balance, so any payment above the required amount should be applied directly to principal. Tell your servicer to apply extra funds to principal — not to prepaid interest or your next payment.
Is it better to pay extra monthly or make one lump sum?
A lump sum applied early saves the most interest because it reduces the balance sooner. Consistent extra monthly payments are easier to budget and still save a large amount. Compare both scenarios in the calculator.
What is the effect of one extra payment a year?
One extra full payment per year (the biweekly strategy) commonly shortens a 30-year mortgage by about 4–6 years, depending on your rate. Toggle "Pay biweekly" above to see your result.
Are there downsides to paying off a mortgage early?
Possibly. Check for prepayment penalties, don't drain your emergency fund, and weigh the lost tax deduction and the opportunity cost versus investing. For most people without those constraints, saving interest is a clear win.