Mortgage Early Payoff Calculator
See how much you save in interest and how many years you cut off your mortgage by making extra principal payments.
Inputs
Interest saved
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New payoff time
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Years cut off
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New total interest
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New monthly payment
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About Mortgage Early Payoff Calculator
Extra payment vs investing
A guaranteed return equal to your mortgage rate (6-7%) is competitive with stocks (long-term ~7-10% real). Paying down is risk-free; investing has upside but volatility. Many people split.
One large lump sum?
A lump sum applied to principal saves more total interest than the equivalent spread monthly — the lump sum eliminates interest immediately on a larger balance.
Watch out for prepayment penalties
Most US mortgages have no prepayment penalty, but check your loan agreement. Some have penalties in the first 3-5 years.