Early Payoff Calculator
What an extra payment actually buys you
Every dollar above your required payment goes straight to principal — and every dollar of principal you kill stops accruing interest for the rest of the loan. Small amounts compound into surprising numbers.
Your loan
Move the extra payment slider first — that's where the story is.
Added to every payment and applied entirely to principal.
Check your note first Tell your servicer in writing to apply extra funds to principal — otherwise many will hold it as a prepaid future payment, which saves you nothing. And some non-QM, bank statement, and investor loans carry a prepayment penalty for the first few years. Your note or closing disclosure will say. Worth a two-minute check before you send a large payment.
A bonus, tax refund, or business distribution applied today. Because it lands at the start, a lump sum does more work than the same amount spread out over years.
Interest you'd never pay
$0
and you'd own it free and clear 0 months sooner
Time to payoff
No credit pull to start · takes about 10 minutes
Worth weighing against the alternatives Paying down a mortgage is a guaranteed return equal to your interest rate — but it's money you can't easily get back. Before committing, compare it against your emergency fund, higher-rate debt, retirement matching, and what a refinance would do. Paying down faster also shrinks your mortgage interest deduction over time, so the tax savings estimator on this site is worth a look alongside this one.
How this is calculated. A standard monthly amortization is run twice — once on the scheduled payment and once with your extra amount applied to principal each month, plus any lump sum applied at the start — and the two are compared. Figures reflect principal and interest only. They exclude property taxes, insurance, HOA dues, and mortgage insurance, which don't shrink when you prepay. Results assume every extra payment is applied to principal in the month it's made and that your rate is fixed for the life of the loan; adjustable-rate loans will differ. The payoff date assumes you start this month. Some loan programs carry prepayment penalties — check your note. This is an educational estimate, not a pre-approval, a commitment to lend, or financial advice.