Mortgage Payoff Calculator
Calculate how quickly you can pay off your mortgage with extra payments
Mortgage Details
Extra Payments
One-Time Extra Payment
Payoff Summary
Original Payoff Date
10/10/4144
New Payoff Date
4/10/2043
Time Saved2101 years, 5 months
Time saved with extra payments
Interest Saved$26,504.89
Total interest saved with extra payments
Total Interest (Original)$143,066.98
Total interest without extra payments
Total Interest (New)$116,562.09
Total interest with extra payments
Understanding Mortgage Payoff Strategies
Extra Payment Benefits
- • Reduce total interest paid
- • Shorten loan term
- • Build equity faster
- • Flexible payment options
- • No prepayment penalties (usually)
Payment Strategies
- • Make bi-weekly payments
- • Round up monthly payments
- • Apply tax refunds
- • Use work bonuses
- • Set up automatic extra payments
Considerations Before Making Extra Payments
Financial Priorities
- • Emergency fund status
- • High-interest debt
- • Retirement savings
- • Investment opportunities
- • Tax implications
Loan Terms
- • Prepayment penalties
- • Interest rate
- • Loan type
- • Remaining term
- • Payment allocation
Other Factors
- • Housing market
- • Future plans
- • Income stability
- • Inflation rate
- • Opportunity cost