Mortgage Payoff Calculator
Explore different strategies to pay off your mortgage early and save thousands in interest.
Add an extra amount to your regular monthly payment
Make half your monthly payment every two weeks (26 payments per year)
Make one or more large payments toward your principal
Refinance to a lower rate or shorter term
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Extra Monthly Payments
Adding even a small amount to your monthly payment can significantly reduce your loan term and save thousands in interest. Every extra dollar goes directly to reducing your principal.
Bi-weekly Payments
Making half your monthly payment every two weeks results in 26 half-payments per year, which equals 13 full monthly payments instead of 12. This simple change can shave years off your mortgage.
Lump Sum Payments
Applying windfalls like tax refunds, bonuses, or inheritances directly to your mortgage principal can dramatically reduce your loan term and total interest paid.
Refinancing
Refinancing to a lower rate or shorter term can save money, but consider the closing costs. Generally, you should plan to stay in your home beyond the break-even point to benefit.
Important: Before making extra payments, check with your mortgage servicer to ensure there are no prepayment penalties and confirm that extra payments will be applied to the principal, not future interest.