Mortgage Payoff

Mortgage Payoff Calculator

Most of your early payments go almost entirely to interest, not your home. Enter your details to see where every dollar goes, plus exactly what it takes to pay your mortgage off in 5, 10, or 15 years.

Loan Details
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% / yr
Want to pay it off early?
Your Results

Mortgage Breakdown

Your Early Payoff Plan
To pay off your mortgage in 5 years, here's what it takes:
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Extra Per Month
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New Total Monthly Payment

These figures are for your loan as it stands today: your current payment with no extra payments.

Adjust the numbers

Want to try a different plan? Change the extra monthly amount, add a one-time lump sum, or both, then hit Apply to see the new impact.

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$

With these changes you would...

Interest Saved
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Time Saved
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New Payoff Date
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Original Payoff
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Balance Over Time

Remaining Balance

Amortization Schedule

Based on your current payment with no extra payments.

For informational purposes only. Not financial advice. Calculations are estimates based on the inputs provided.

Most homeowners focus on the monthly payment when they buy a house. The number that actually matters is the total interest, and for most 30 year mortgages that number is startling. On a $350,000 loan at 7%, you'll pay over $490,000 by the time it's done. Almost half a million dollars for a house that costs $350,000.

The good news is that extra payments hit harder than most people expect. An extra $200 a month on that same loan cuts over 5 years off the payoff date and saves around $70,000 in interest. A lump sum payment early in the loan has an even bigger effect because it reduces the principal before years of interest can compound on top of it.

If you have a specific goal, like paying off your mortgage in 5 years, 10 years, or 15 years, work backwards instead. Use the "Want to pay it off early?" buttons on the calculator to pick your target, and it shows the exact monthly payment you'd need and how much more that is than your current payment. Paying a mortgage off in 5 years takes a large monthly commitment, but the interest savings are enormous because you cut off decades of compounding. Even a more modest 15-year target typically saves well over $100,000 on a mid-size loan compared with running a 30-year mortgage to term.

Common Questions

How does a mortgage payoff calculator work?
It takes your remaining balance, interest rate, and years left on the loan and calculates your monthly payment, total interest, and payoff date. It then lets you model what happens if you add extra monthly payments or make a one-time lump sum payment toward the principal.
How do I pay off my mortgage in 5 years?
To pay off a mortgage in 5 years you need a monthly payment large enough to clear the balance over 60 months. Enter your balance and rate, then choose "In 5 years" under "Want to pay it off early?" on the calculator, and it shows the exact payment required and how much extra that is versus your current payment. The trade-off is a much higher monthly payment, but you avoid decades of interest. On a typical loan that can mean saving six figures.
How much extra do I need to pay to pay off my mortgage in 10 or 15 years?
It depends on your balance and rate, but the calculator works it out instantly. Set your target to 10 or 15 years and it returns the required monthly payment, the extra amount on top of your current payment, and the total interest you'd save. As a rough guide, shortening a 30-year mortgage to 15 years usually adds 40-60% to the monthly payment but cuts total interest by more than half.
Should I pay extra on my mortgage or invest?
It depends on your interest rate. If your mortgage rate is higher than what you'd reasonably expect to earn investing (historically around 7-10% in index funds), paying down the mortgage is the safer bet. If your rate is low, investing the difference often wins mathematically. Most people do a mix of both.
What is amortization?
Amortization is how your mortgage payments are split between principal and interest over time. Early in your loan the majority of each payment goes to interest. As your balance drops, more of each payment goes toward the actual principal. The amortization schedule shows you this breakdown month by month.
What's the difference between extra monthly payments and a lump sum?
Extra monthly payments reduce your balance gradually and consistently. A lump sum payment reduces your balance all at once, which can have a bigger immediate impact on interest since interest is calculated on your remaining balance. Both strategies save money; a lump sum just front-loads the benefit.