Early Payoff Calculator
Want to pay off your mortgage early? See how much extra you need to pay each month.
Extra Payment Needed
$764.93/mo
To pay off in 15 years instead of 30
The Plan
💡 Plain English: To pay off your $320,000 mortgage in 15 years instead of 30, pay an extra $764.93/month. You'll save $226,385 in interest over the life of the loan. That's a big return for a relatively small monthly increase!
About the Early Payoff Calculator
Paying off your mortgage early can free up cash flow and eliminate years of interest payments. This calculator shows what it takes to own your home outright by a target date — either by paying extra each month or making a lump-sum payment.
How this calculator works
Enter your current loan balance, rate, remaining term, and your target payoff date (or a monthly extra amount). The calculator tells you the extra payment needed to hit that goal and how much interest you save.
The math, in plain English
The calculator solves for the monthly payment that fully amortizes the remaining balance by the target date, then subtracts your current required payment to find the extra amount needed.
Key terms
- •Early payoff — retiring the loan before its scheduled final date
- •Lump-sum payment — a one-time extra payment applied to principal
- •Interest saved — the reduction in total interest from a shorter loan
Tips & things to know
- ✓Direct any extra funds to the principal balance, not future payments.
- ✓Compare the interest you save against what you could earn investing that money elsewhere.
- ✓Confirm there is no prepayment penalty before committing to an early-payoff plan.
Frequently asked questions
Is paying off my mortgage early always smart?+
It depends. If your mortgage rate is low, investing extra cash may earn more than you save in interest. Weigh both options.
What is the fastest way to pay off a mortgage early?+
A combination of regular extra monthly payments and occasional lump sums applied to principal shortens the loan the most.
This calculator is for educational purposes only and uses estimates. Always consult a licensed mortgage professional for advice specific to your situation.