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Mortgage Payoff Calculator.

Are you a homeowner? And are you looking to pay off your mortgage a little quicker than originally planned? If so, this calculator will help you determine how much extra a month you’ll have to pay to have your home paid off within an accelerated timeframe.

First enter the principal balance owed, annual interest rate, and your current monthly payment. Then provide a number of years that you would like to have your loan paid off in. Press CALCULATE and you’ll see the extra amount you’ll have to add to your monthly payment. More importantly, you’ll see your total interest savings under this accelerated timeframe.

Could you save more by locking in today's low rates? We publish current mortgage rates to help you make accurate calculations and connect with local lenders.

Loan Balance & Rate Amount
Principal balance owed:
Annual interest rate (APR %): SEE BEST RATES
Monthly Payments Amount
Current monthly principal & interest payment amount:
Current toal monthly payment with taxes, insurance, HOA, etc.:
Your Payoff Gaol Date
Mortgage payoff goal date:
Required Payments & Savings Amount
Additional monthly payment required:
New total monthly payment:
New loan total interest expense:
Interest savings over old loan:

Today's Mortgage Refi Rates

The following table shows current mortgage refinance rates in . Adjust your loan inputs to match your scenario and see what rates you qualify for.


Accelerated Loan Repayment Advice

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The longer it takes you to pay off your mortgage, the more interest that accrues on your home loan. Because of this, it's in your best interest, financial pun intended, to payoff your mortgage as soon as you possibly can. With fast-paced payments in mind, here are eight effective strategies for paying off your mortgage sooner than later.

Pay As Much As You Can Afford

Mortgage payments are like any other bill you receive in that you probably assume the amount due is the amount you have to pay. However, this is not the case. You can pay as much as you'd like each month to pay off your mortgage faster.

For example, say your payments are $875 a month. Rounding off that amount to an even $900 will reduce your overall payments by eight installments on a 30-year loan of $300,000. You don't want to stretch your budget by paying extra, but every little bit helps reduce the timescale.

Before you go paying double your mortgage payments, it's important to ask your lending provider if there are any penalties involved with increasing your payments. It may sound counterproductive, but some mortgage companies have prepayment penalties for paying off your loan too soon.

Take the Bi-Weekly Approach

Making bi-weekly payments on your mortgage has a double benefit. The first benefit is the fact that, by making half-payments twice a month, you'll actually end up making one extra payment each year, which will get you closer to your payoff goal faster.

The other benefit of taking the bi-weekly approach is that making a half-payment is usually easier to swallow than a full-payment. Sure, you're still paying the same amount, but the financial sting just doesn't seem as bad. If you choose bi-weekly payments, you'll want to set up the new payment plan with your mortgage lender in advance.

Find More Affordable Homeowner's Insurance

Whether you just closed on your home or you've been in it for a few years now, it's always a good time to shop around for more affordable homeowner's insurance. Because you are required to have insurance before you purchase your home, chances are you went with the first provider you came across instead of shopping frugally for the right price and coverage.

Finding lower homeowner's insurance rates will give you the opportunity to put more money towards your mortgage. The best way to go about finding lower insurance rates is by collecting online quotes, comparing your research, and choosing a provider with the best price and, more importantly, the best coverage.

Budget With Your Mortgage in Mind

There's always extra room in your budget to put toward your mortgage, you just have to know where to look. If you haven't done so already, it's time to reassess your budget with the goal of paying off your mortgage early.

Cutting expenses in other areas of your life, like entertainment, dining, and shopping, will leave you plenty of room in your budget for your home loan. You don't have to cut your other expenses entirely, but paring each area down will result in a sum that will surely make a difference for your mortgage payoff.

Refinance for a Shorter Mortgage

Your financial situation when you first bought your house and your current financial situation are probably very different. If you are more financially stable and ready to pay off your mortgage sooner, then switching to a 10 or 15-year mortgage as opposed to a 30-year will definitely help you reach your payoff goals.

It's important to run the numbers in advance before refinancing to a shorter-term mortgage so you know exactly what you're getting into. Using a home mortgage calculator is helpful in determining how much your new mortgage payment will increase because it calculates the term and the interest.

Make Your Payoff a Priority

Keeping your mortgage goal front and center is the best way to payoff your home loan sooner, so make your payoff a priority. You can do this by calculating your ideal payoff date and sticking to it. Put your payoff date in your calendar and set it as a reminder that alerts you every month.

Reminding yourself about paying off your mortgage by a certain date will encourage you to reach your goal. Just don't set a payoff date that's beyond the realm of possibility. If you create unrealistic expectations with paying off your mortgage, you'll never reach your goal and you'll also become discouraged in the process.

Put Extra Money Toward Your Mortgage Payments

Although a monetary increase probably doesn't come along often, when it does, you should put that cash toward your mortgage. Whether you receive a holiday bonus at work or you have a garage sale, using that money to increase you mortgage payments will help you reach your goal faster.

Don't forget about your tax return. Many homeowners use their tax returns to make home improvements and add-ons, but paying off your mortgage early is a home improvement. Plan to set aside your tax return each year specifically for your mortgage costs and you can increase your payments by a specified amount each month.

Don't Buy Beyond Your Means

Buying a house is an exciting endeavor, but you can't let your excitement trump your budget. If you really want to pay your mortgage off early, then you shouldn't buy a house that you can't afford. When it comes to home buying tips every potential homeowner should know, buying within your means is at the top of the list.

When entering the home buying process, you might have to adjust your expectations in terms of the location and size of your new home. Figure out your price bracket first, then start seeing what's available. By doing so, you won't give up your hopes by coming across a dream home you can't afford.

Buying a house you can afford means you'll have a shorter mortgage term and a closer payoff date. If you're already in your home, refinancing to a shorter term, getting a loan modification, or working out a time-sensitive repayment plan with your lender are all options.

By following the tips above, you'll get closer to paying off your mortgage and you'll do so in a timely manner.

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