Mortgage Payoff Calculator
See how extra payments shorten your mortgage and save interest.
Extra payments on a mortgage can cut years off the loan and save a substantial amount of interest — this shows the specific impact of your extra payment amount.
Why mortgage payoff acceleration matters so much
Mortgages are large, long-term loans where interest is front-loaded — meaning extra payments made in the early years have an outsized effect on total interest saved compared to the same extra payment made near the end of the loan.
Frequently asked questions
Should I pay off my mortgage early or invest the extra money?
It depends on your mortgage rate versus expected investment returns, plus your personal risk tolerance — there's no universally correct answer, but comparing your mortgage rate to a realistic investment return is the key comparison.
Will my lender let me make extra payments without penalty?
Most conventional mortgages allow penalty-free extra payments, but confirm with your specific lender, since some loans do include prepayment penalties.