See how much time and interest you could save by paying off your mortgage early — with a lump sum, extra payments, or biweekly billing.
Use this if you have the original loan details — good for a loan that's never had extra payments applied.
Use this if you only know what's on your current statement — the unpaid balance, monthly payment, and rate.
Every extra dollar you send toward a mortgage goes straight to principal, skipping the interest that would otherwise accrue on it for every remaining month of the loan. Pay down $10,000 early in a 25-year loan, and you're not just erasing $10,000 of debt — you're erasing every interest charge that $10,000 would have generated over the next 25 years. That's why a relatively small, sustained extra payment can shave years off a mortgage and tens of thousands off the total interest bill.
A one-time lump sum reduces the balance once, on the date you pay it — useful after a bonus or inheritance. A recurring extra payment compounds that effect every single month it's active, which is why a modest $100–$500/month addition often outperforms a single larger lump sum paid years into the loan. Biweekly billing is really a recurring extra payment in disguise: paying half your monthly payment every two weeks works out to 26 half-payments a year, which is 13 full monthly payments instead of 12 — one extra payment snuck in annually without feeling like a separate expense.
Some borrowers have their original loan paperwork handy and know exactly how many years are left. Others only have a recent statement, which lists the unpaid balance and payment but not a clean "years remaining" figure. Both are the same math underneath — a fixed balance being paid down at a fixed rate — so this calculator supports either starting point without forcing you to dig up documents you don't have.
No. Your scheduled payment stays the same; what changes is how quickly the balance disappears, which shortens the loan and cuts the total interest.
Sometimes — if the loan's interest rate is lower than what you could reasonably earn investing that money elsewhere, or if you'd rather keep the cash as a safety net, paying the minimum and investing the difference can come out ahead financially, even though the mortgage costs more interest in isolation.
Yes — some loans charge a fee for paying off early or making large extra payments. It's worth confirming with your lender before committing to an aggressive payoff plan, since a penalty can offset some of the interest savings.
Because it stops interest from accruing the moment you pay off the balance — every month of interest the original schedule would have charged from today forward simply never happens.
It's a close approximation. True biweekly billing accrues interest every two weeks instead of monthly, which shifts the numbers slightly. We model the main effect — 26 half-payments a year works out to 13 full monthly payments instead of 12 — which is what drives nearly all of the real-world savings.
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