Mortgage Payoff & Extra Payment Calculator
Curious how fast you could own your home free and clear? Generate a year-by-year amortization schedule, then add optional extra principal payments to see interest savings and how much sooner you could pay off the loan. Save scenarios to compare rates and payment strategies side by side.
Mortgage Payoff & Extra Payment Calculator
See your full amortization schedule — and how much interest you'll save by paying extra toward principal each month.
This amortization schedule is an estimate for illustrative purposes only and does not constitute a loan offer or commitment. Actual terms, rates, and schedules may vary based on credit, underwriting, and lender terms.
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Frequently Asked Questions
How much can I save by paying extra on my mortgage?
Even a few hundred dollars a month toward principal can cut years off your loan and save a large amount of interest over time. Use this calculator to enter an extra monthly amount and see total interest saved and your shortened payoff timeline side by side.
Does paying extra principal lower my monthly payment?
Not automatically. Your required monthly payment usually stays the same unless you refinance or formally recast the loan. Extra principal payments reduce your balance faster, which shortens the term and reduces total interest — they do not change the scheduled payment by themselves.
Is there a penalty for paying off my mortgage early?
Many modern mortgages have no prepayment penalty, but some loans still do. Check your note or ask your lender before making large extra payments. If you are shopping for a new loan, we can help you compare options that allow flexible prepayment.
Should I pay extra on my mortgage or invest the money instead?
It depends on your rate, risk tolerance, emergency savings, and other goals. Paying down the mortgage is a guaranteed return equal to your interest rate. A loan officer can walk through scenarios with you, and this tool helps you see the interest impact of extra payments first.