Early Mortgage Payoff Calculator | Should You Add More To Your Payments?
Calculate The Impact Of Paying Off Your Mortgage Early
Paying extra toward your mortgage can reduce your interest costs and help you become debt-free sooner. But how much could you actually save, and how much faster could you pay off your loan?
Use our Early Mortgage Payoff Calculator below to see how additional monthly payments affect your mortgage balance, total interest paid, and payoff date.
Is paying off your mortgage early the best financial decision? Not necessarily. Sometimes investing that extra money instead can lead to better long-term results. WealthTrace lets you compare both strategies and see how each affects your overall retirement plan.
Start a free trial of WealthTrace to find out which strategy works best for you.
How much sooner could you pay off your mortgage?
Find out how extra monthly payments can shorten your loan and reduce the interest you pay. Adjust the numbers to explore different scenarios.
Your mortgage details
Enter the details from your original mortgage.
Extra payments are applied directly to principal each month.
Remaining mortgage balance
Compare your projected balances over time with and without extra payments.
| Comparison | Regular | Extra payments |
|---|---|---|
| Interest remaining | — | — |
| Total remaining payments | — | — |
| Time to payoff | — | — |
Mortgage payoff is just one piece of the picture. WealthTrace helps you model your retirement income, spending, taxes, investments and what-if scenarios together.
Explore WealthTrace retirement planning →Illustrative estimates only. Assumes a fixed-rate fully amortizing mortgage, consistent monthly payments and an unchanged interest rate. Principal and interest only; excludes escrow, taxes, insurance, fees, mortgage insurance, prepayment penalties and changes to your loan. Years remaining may be fractional. Your lender's actual payoff figures can differ.
Definitions
Annual interest rate
The annual interest rate used to calculate your monthly payment. Please note that this is different than an Annual Percentage Rate (APR) which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Original mortgage term
Total length, or term, of your original mortgage in years. The most common lengths are 15 years and 30 years.
Years Remaining
Total number of years remaining on your original mortgage.
Original mortgage amount
The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.
Additional monthly payment
Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Current mortgage payment
Monthly principal and interest payment (PI) based on your original mortgage amount, term and interest rate.
Monthly accelerated payment
Scheduled payment plus additional monthly payment.
Total savings
Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full.
Balance mortgage payoff and investing
Use WealthTrace to compare paying down debt with keeping money invested.
