Mortgage Payoff Calculator

Free · no sign-up · reviewed September 2026

Adding a little extra to your mortgage payment each month can save a shocking amount of interest and cut years off your loan. This calculator shows exactly how much, based on your balance, rate and how much extra you can throw at it.

The two lines show your balance falling over time: the gray line is your current pace, and the green line is with your extra payment. The gap between where they hit zero is the years you'd buy back.

Drag to adjust

Your numbers

Current loan balance

Interest rate (APR)

Years left on loan

Extra monthly payment

Interest you'd save

$88,258

and pay off 6 yr sooner (in 22 yr)

💡 Paying an extra $200 a month knocks 6 yr off your mortgage and saves you $88,258 in interest. Same house, $88,258 that stays in your pocket instead of the bank's.

$88,258

Interest saved

over the loan

6 yr

Time saved

off your term

22 yr

Paid off in

was 28 yr

NowYr 14Yr 28

Without extra$0
With extra payment$0

Normal monthly payment: $1,941
With extra payment: $2,141
Interest without extra: $352,192
Interest with extra: $263,934
Interest saved: $88,258
Time saved: 6 yr

⚖️ Compare two extra payments

Two amounts on the same loan, side by side — what the bigger one buys you, and what it costs a month.

Extra monthly payment to compare

Mortgage Payoff Calculator: $200 compared with $400
Figure	$200Your numbers	$400Compared	Difference
Monthly payment	$2,141.05	$2,341.05	+$200.00
Interest you'd pay	$263,934	$213,366	−$50,568
Interest saved	$88,258	$138,826	+$50,568
Total of all payments	$563,934	$513,366	−$50,568
Paid off in	22 yr	18 yr 4 mo	3 yr 8 mo sooner

Both columns are the same loan at the same rate and the same balance — only the extra payment changes. "Interest saved" is measured against paying no extra at all. Principal and interest only: property tax, insurance, HOA and PMI aren't part of the balance you owe.

📅 Amortization schedule with your extra payment

How each year of the mortgage splits between principal and interest, and what you still owe at the end of it. Switch to Months to step through the payments themselves.

Year	Principal	Interest	Balance left
1	$6,380	$19,312	$293,620
2	$6,808	$18,885	$286,812
3	$7,264	$18,429	$279,548
4	$7,750	$17,942	$271,798
5	$8,269	$17,423	$263,529
6	$8,823	$16,870	$254,706
7	$9,414	$16,279	$245,292
8	$10,044	$15,648	$235,248
9	$10,717	$14,976	$224,531
10	$11,435	$14,258	$213,096
11	$12,201	$13,492	$200,895
12	$13,018	$12,675	$187,878
13	$13,889	$11,803	$173,988
14	$14,820	$10,873	$159,168
15	$15,812	$9,880	$143,356
16	$16,871	$8,821	$126,485
17	$18,001	$7,692	$108,484
18	$19,207	$6,486	$89,277
19	$20,493	$5,200	$68,785
20	$21,865	$3,827	$46,919
21	$23,330	$2,363	$23,589
22	$23,589	$800	$0
Total	$300,000	$263,934	$0

Interest is charged on the balance you still owe, so early years are mostly interest and later years mostly principal. Assumes every payment is made on time and the rate never changes. The schedule includes your $200/mo of extra principal, which is why it ends early. This is the loan itself — principal and interest only. Property tax, insurance, HOA and PMI aren't part of the balance you owe, so they're not in the table.

Mortgage Payoff Calculator · Far Better Off

https://farbetteroff.com/calculators/mortgage-payoff-calculator

Open that link to get this calculator back with these exact numbers. Estimates for education only — Far Better Off is not a lender or a financial advisor, and these results are not financial advice.

📈 Track your mortgage payoff

Log your principal balance from each statement and see how fast extra payments are really moving it. Everything stays on this device only.

The reminder button downloads a calendar event (works with Apple and Google Calendar) that nudges you once a month. No email, no account.

The 2-minute guide

Why extra payments punch above their weight

Every extra dollar goes straight to principal, which means you stop paying interest on that dollar for the entire remaining life of the loan. Early in a mortgage, when most of your normal payment is interest, extra principal is especially powerful. That's why even $100 or $200 a month can save tens of thousands.

The biweekly trick

Paying half your mortgage every two weeks instead of once a month sneaks in one extra full payment per year (26 half-payments equals 13 monthly payments). It's an easy, almost painless way to shave years off the loan. You can copy the effect here by dividing one monthly payment by 12 and entering that as your extra.

Make sure it's the best use of the money first

Paying off a mortgage early is great, but check the order of operations: grab any 401(k) match, clear high-interest debt like credit cards, and build an emergency fund before overpaying a low-rate mortgage. If your mortgage rate is high, though, extra payments are a guaranteed, tax-simple return.

Frequently asked questions

How much do extra mortgage payments save?

It depends on your balance, rate and how much extra you pay, but the savings are usually large. For example, an extra $200 a month on a $300,000 loan at 6.5% can save well over $100,000 in interest and shave years off the term. Enter your numbers above for your exact figure.

Is it better to pay extra on principal each month?

Yes, if paying down the mortgage is your goal, making sure the extra goes toward principal (not prepaying future interest) is what shortens the loan and cuts interest. Tell your servicer to apply extra payments to principal, and confirm they do.

Should I pay off my mortgage early or invest?

It's part math, part psychology. If your mortgage rate is higher than what you'd reliably earn investing, paying it down wins. If it's a low rate, investing may come out ahead over the long run, but many people value the guaranteed return and peace of mind of being debt-free. There's no wrong answer.

Where's the payoff schedule?

Under the results, open "Amortization schedule with your extra payment". It shows every year of the loan with your extra payment included: how much went to principal, how much went to interest, and what you still owe at the end of that year, and switching it to Months breaks those payments out one at a time. The table simply stops early, which is the years you bought back.

Do extra payments lower my monthly payment?

No. Extra payments shorten the loan and cut total interest, but your required monthly payment stays the same. If you want a lower required payment, you'd need to refinance or ask your lender about recasting the loan.

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