Mortgage Payoff Calculator

    See how extra payments speed up payoff

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    Formula

    Months = -log(1 - Balance×r/Payment) / log(1+r)

    Shows how extra payments reduce both the time and total interest paid on a mortgage.

    Examples

    50k, 6.5%, $300 extra/mo

    Save ~7 years and ~$95,000 in interest.

    Frequently Asked Questions

    About Mortgage Payoff

    See how extra mortgage payments accelerate your payoff date and save thousands in interest. Even small extra payments make a dramatic difference over time because they go entirely toward principal, reducing the balance that accrues interest. A

    50,000 mortgage at 6.5% for 30 years costs about $319,000 in interest. Adding just
    00/month saves over $80,000 and cuts 6+ years off the mortgage. Strategies include rounding up payments, making one extra payment per year (biweekly payments achieve this), or applying windfalls like tax refunds. Before making extra payments, ensure you have an emergency fund and no higher-interest debt. Some mortgages have prepayment penalties—check your terms first.