Mortgage Payoff Calculator
Explore how extra payments, biweekly payments, or lump sums can accelerate your mortgage and save thousands
If you know the remaining loan term
Use this calculator if you have an existing mortgage and know the remaining term length. Perfect for analyzing payoff strategies on your current loan.
Repayment Options
Payoff in 17 years and 3 months
The remaining balance is $372,217. By using your chosen repayment strategy, the loan will be paid off in 17 years and 3 months. It is 7 years and 9 months earlier. This results in savings of $122,306 in interest.
Interest Savings
$122,306
Time Savings
7 years and 9 months
Comparison
| Metric | Original | With Payoff Strategy |
|---|---|---|
| Monthly Payment | $2,398 | $2,898 |
| Total Payments | $863,353 | $721,365 |
| Total Interest | $463,353 | $224,937 |
| Payoff Time | 25 years | 17 years and 3 months |
Amortization Schedule
Summary
Payoff in
17 years and 3 months
Interest Savings
$122,306
Time Saved
7 years and 9 months
Frequently Asked Questions & Pro Tips
What is a mortgage payoff calculator?
A mortgage payoff calculator helps you visualize how extra payments, biweekly payments, or lump sum payments can accelerate your mortgage payoff and save you thousands in interest.
What's the difference between remaining term and original term?
Original term is the total length of your mortgage when you first borrowed. Remaining term is how much time is left on your current mortgage. For example, if you borrowed for 30 years but have been paying for 5 years, your remaining term is 25 years.
How do biweekly payments help?
With biweekly payments, you make 26 half-payments per year instead of 12 full monthly payments. This equals 13 full payments annually instead of 12, resulting in one extra payment per year that goes directly toward principal.
What if I want to pay a lump sum?
You can specify when you'll pay a lump sum (like from a bonus or tax refund) and how much. The calculator will show the impact of that one-time payment on your overall payoff timeline.
Can I combine different payment strategies?
This calculator focuses on one strategy at a time. You can see the impact of extra monthly payments, yearly bonuses, or biweekly payments individually to determine what works best for your situation.
How accurate are these calculations?
These calculations are highly accurate for standard mortgages. However, they don't account for adjustable rates, property taxes, insurance, or HOA fees. Check your mortgage statement for the exact remaining balance.
Pro Tips
- • Biweekly payments can cut years off your mortgage without changing your monthly budget much.
- • Even an extra $100/month can save you tens of thousands in interest over 30 years.
- • One extra payment per year (13 total instead of 12) can significantly reduce your loan term.
- • Direct bonuses, tax refunds, or inheritance toward lump sum payments for maximum impact.
- • Check your loan documents for prepayment penalties before making extra payments.
- • If your mortgage rate is very low, investing extra money might yield better returns.
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