Original payoff
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Calculator
Mortgage Payoff Calculator
Add an extra monthly amount or a one-time lump sum and watch your payoff date, time saved, and interest saved update instantly.
New payoff
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Time saved
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sooner than scheduled
Interest saved
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vs. making no extra payments
Total interest: with vs. without extra
How to pay off your mortgage faster
The fastest, cheapest lever is extra principal. Because mortgage interest is front-loaded, extra payments early in the loan save the most. Make sure your servicer applies the extra to principal, not to your next scheduled payment.
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Frequently asked questions
How do extra payments change my payoff date?
Every extra dollar goes straight to principal, lowering the balance interest is charged on and removing months from the end of your loan. Even modest extra payments can move your payoff date up by years.
Do extra payments reduce my monthly payment?
No. They shorten the term and cut total interest, but your required monthly payment stays the same. For a lower payment, look at a recast or refinance instead.
Is it better to pay extra monthly or as a lump sum?
Both work. A monthly extra is an easy habit; a lump sum delivers a big one-time balance cut. You can do both — and the earlier you start, the more you save.