Free · Extra payments · Years saved

Mortgage payoff calculator — save years off your loan

Estimate how recurring extra principal payments affect payoff time and interest. For example, $200 extra each month on a $300,000 balance at 7% over 30 years pays off in about 22 years 11 months and avoids about $116,640 in interest under this monthly model. Results depend on loan terms and actual payment posting.

2026 mortgage-rate reference · Freddie Mac Primary Mortgage Market Survey

Freddie Mac's 30-year fixed PMMS average: 6.95% as of 2026-09-17

This weekly market survey is a dated reference, not a personalized quote. Enter your own loan's note rate and remaining balance to estimate extra-payment effects.

The weekly survey average is a market reference, not your loan quote; your contract and servicer determine your payment schedule.

How to Calculate Mortgage Payoff with Extra Payments

Find how much extra monthly principal saves you in interest and shortens your mortgage in five steps.

Step 1
Enter your current mortgage balance
Use the remaining principal, not the original loan amount. Find this on your latest statement or by logging into your servicer's portal.
Step 2
Enter the interest rate
Use the rate locked on your loan, not the current market rate. The current 2026-09-17 Freddie Mac benchmark is 6.95% for a 30-year fixed loan, but your quote and terms may differ.
Step 3
Enter remaining years on the loan
Enter the remaining term shown by your servicer; use the nearest whole year supported by the calculator.
Step 4
Enter your planned extra monthly payment
Try different recurring monthly amounts. The example table below uses monthly principal payments, the note rate divided by 12, and no taxes or fees.
Step 5
Read interest saved and years cut
Compare the modeled payoff time and interest with the no-extra-payment schedule. The biweekly checkbox is an approximation that spreads one additional scheduled payment per year across monthly periods; lender posting and timing may differ.

Extra payment impact — $300k mortgage at 7%

Fixed 7% annual note rate divided by 12; $300,000 starting balance; extra principal applied monthly; principal and interest only. Excludes taxes, fees, and prepayment penalties.
Extra/month	Payoff date	Time saved	Interest saved
$0	30 years	None	None
$100	25 years, 10 months	4 years, 2 months	$69,338
$200	22 years, 11 months	7 years, 1 month	$116,640
$500	17 years, 4 months	12 years, 8 months	$200,235
$1,000	12 years, 7 months	17 years, 5 months	$266,603

What this calculator models

Recurring extra payment: the model applies the extra amount to principal each monthly period on a fixed-rate amortizing loan.
Biweekly checkbox: approximates one additional scheduled monthly payment per year by spreading it across 12 monthly periods. It does not reproduce every lender's half-payment posting schedule or fees.
Limits: the results cover principal and interest only; they exclude escrow, taxes, insurance, fees, one-time lump sums, and changes to the rate or payment schedule.
Before paying extra, check your servicer's principal-payment instructions and loan documents. See the CFPB mortgage-servicing guidance and its prepayment-penalty explanation.

Pay off mortgage or invest?

Compare the interest avoided under your loan contract with an investment return assumption measured on the same time and tax basis. Mortgage prepayment reduces future interest under the stated loan terms, while investment values can rise or fall. The right comparison also depends on fees, liquidity, emergency savings, account rules, and how consistently you would invest the alternative amount; this calculator does not choose a strategy for you.

U.S. mortgage-interest deductions depend on eligibility, loan limits, and whether you itemize. See the IRS Publication 936 and consult a qualified tax professional about your situation.

Mortgage Payoff Calculator FAQ

Should I pay extra principal every month or make a lump-sum payment?

Both can reduce the balance and future interest if your servicer applies the money to principal. The timing, loan terms, and any fees matter. This calculator models recurring monthly extras, not one-time payments; check the servicer's instructions and compare with an amortization schedule.

Is paying off a mortgage early always the best choice?

There is no universal answer. Compare the interest avoided with your alternative use of the money, after-tax return assumptions, liquidity needs, other debt, and loan terms. Investment returns are uncertain, and cash used for prepayment may be harder to access later.

How should an extra payment be applied?

Check your loan documents and servicer instructions for how to designate principal-only payments, then verify the balance and payment history on your statement. The CFPB explains mortgage servicing rules at https://www.consumerfinance.gov/consumer-tools/mortgages/your-mortgage-servicer-must-comply-with-federal-rules/.

Can a lender charge a mortgage prepayment penalty?

It depends on the loan and applicable rules. Review your note and closing documents or ask your servicer before making a large extra payment. The CFPB explains prepayment penalties at https://www.consumerfinance.gov/ask-cfpb/what-is-a-prepayment-penalty-en-1957/.

Can paying off a mortgage change my credit score?

It can affect a credit profile, but the size and duration of any score change are not predictable for everyone. Avoid relying on a specific point change when comparing payoff options.

Should I refinance instead of making extra payments?

Compare the loan estimates, closing costs, new term, total interest, and how long you expect to keep the loan. There is no single rate-drop or break-even rule that fits every borrower. The CFPB provides a loan-estimate comparison guide at https://www.consumerfinance.gov/owning-a-home/compare/compare-loan-estimates/.

How can I estimate a 10-year payoff?

Enter your balance, rate, and remaining term, then adjust the recurring extra payment until the modeled payoff time is near 10 years. This is a fixed-rate monthly estimate; confirm payment application and terms with your servicer.

Does the biweekly option match my lender's payment schedule?

No. It spreads an amount equal to one scheduled monthly payment per year across monthly periods as a simple approximation. Actual half-payment timing, posting, fees, and principal treatment depend on the servicer and loan terms.

Related calculators

Mortgage calculator

Standard mortgage payment.

Refinance calculator

Compare refinancing math.

Amortization calculator

Full payment schedule.

Pay off mortgage or invest?

Deep-dive guide.

Methodology and editorial standards

Each calculator uses its own inputs and method. Review the labels, units and assumption notes shown with the result. Costs, taxes, fees, benefits and other factors are not modeled unless the page or calculator explicitly says they are. A fixed-rate projection is a scenario, not a forecast or personalized recommendation.

The editorial standards explain how Snowballr reviews calculators and sources. The sources index links to references used across the site. To report an error or suggest a correction, use the contact page.