Mortgage Payoff Calculator
See how much sooner you'll be mortgage-free — and how much interest you'll save — with extra monthly payments, a lump sum, or biweekly payments. Defaults to the live 30-year rate.
On a $280,000 balance at 6.7% (Q2 2026), just $200/mo extra is mortgage-free 5 yr 2 mo sooner and saves about $70,062 in interest.
6.7%
current US 30-year fixed mortgage average — Freddie Mac via FRED (Q2 2026)
$70,062
interest saved adding $200/mo to a $280,000 balance, 25 yrs left, at 6.7% (Q2 2026)
5 yr 2 mo
sooner you'd be mortgage-free in that same scenario
Three ways to beat your mortgage
Extra monthly, biweekly, or a lump sum — each removes future interest, and they stack.
Small extra payments, big time savings
Because interest compounds on the balance, every extra dollar of principal cancels years of future interest. On a $280,000 balance, just $200/mo extra cuts about 5 yr 2 mo and $70,062 of interest — without refinancing.
Biweekly = one free extra payment
Switching to biweekly payments sneaks in a 13th monthly payment each year. On the example it saves about $59,229 and 4 yr 4 mo — a near-painless way to accelerate payoff if your servicer applies it to principal.
Lump sums hit hardest early
A one-time payment against principal removes all the future interest that balance would have generated — and the earlier in the loan you do it, the more you save. Windfalls, bonuses, and tax refunds are prime candidates.
How the Mortgage Payoff Calculator Works
Formula
Monthly Payment = derived from balance, rate & years remaining
Each month (at your FIXED payment + extras):
Interest = Balance × (APR ÷ 12)
Principal = Payment + Extra − Interest
Balance = Balance − Principal
Lump sum → reduces the starting balance (payment stays the same)
Biweekly → adds ≈ one extra monthly payment per year
Interest Saved = Baseline Interest − New InterestEnter your current balance
What you still owe today, not the original loan amount.
Set rate and years remaining
Rate defaults to the live 30-year average (6.7%, Q2 2026); use your actual rate.
Add extra monthly payments
Any amount above your normal payment goes to principal.
Add a lump sum or biweekly
A one-time payment now and/or biweekly payments — combine freely.
See your new payoff
How much sooner you finish and the total interest you save.
Paying off a mortgage early works because mortgage interest is charged on the outstanding balance every month. Any payment beyond the scheduled amount goes straight to principal, shrinking that balance and erasing all the future interest it would have accrued — so modest extra payments can save years and tens of thousands of dollars.
The biggest lever is consistency and timing: extra payments early in the loan (when the balance is largest) save the most, and biweekly payments add a painless 13th payment each year. Always confirm there's no prepayment penalty and that your servicer applies extra funds to principal.
Frequently Asked Questions
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