Mortgage Payoff Calculator
Evaluate how adding extra payments or bi-weekly payments can save on interest and shorten mortgage term
Calculate Your Payoff
Results
Interest savings
Time savings
| Original | With payoff | |
|---|---|---|
| Monthly pay | $2,398.20 | $2,398.20 |
| Total payments | $863,352.76 | $801,483.76 |
| Total interest | $463,352.76 | $401,483.76 |
| Remaining payments | $719,460.63 | $657,591.63 |
| Remaining interest | $347,243.20 | $285,374.20 |
| Payoff in | 25 yrs | 17 yrs, 3 mos |
Mortgage Payoff Calculator – Compare 4 Repayment Options
Your mortgage is likely one of the biggest financial commitments of your life. While a traditional 30-year loan seems standard, there are strategies to help you pay off your mortgage faster and save thousands in interest. Our Mortgage Payoff Calculator offers four different modes so you can find the repayment plan that best fits your lifestyle and budget.
Table of Contents 
- What is a Mortgage Payoff Calculator?
- 4 Repayment Modes Explained
- Example: How Much Can You Save?
- Benefits of Using This Calculator
- Other Loan & Finance Tools
- Our Partner: PDF Tools Guru
- Conclusion
What is a Mortgage Payoff Calculator?
A Mortgage Payoff Calculator helps homeowners estimate how quickly they can repay their home loan under different repayment strategies. By adjusting payment frequency or adding extra contributions, you can see how much interest you’ll save and how many years you can cut from your loan term.
4 Repayment Modes Explained
1. Payback Altogether
If you’re able to pay off your mortgage in one lump sum, this mode shows exactly how much interest you’ll save by eliminating future payments. This option is perfect for people expecting a bonus, inheritance, or selling another property.
2. Repayment with Extra Payments
Adding a little extra each month can dramatically reduce your loan term. Even an additional $100–$200 per month could save you tens of thousands in interest. This mode lets you experiment with different extra payment amounts.
3. Biweekly Repayment
Instead of 12 monthly payments, biweekly repayment splits your monthly payment in half and applies it every two weeks. This results in 26 half-payments—or 13 full payments—per year. That one extra payment per year helps reduce principal faster and cut years off your loan.
4. Normal Repayment
This is your standard repayment schedule based on loan amount, interest rate, and term. It acts as a baseline for comparing other payoff strategies.
Example: How Much Can You Save?
Suppose you have a $300,000 mortgage at a 5% interest rate with a 30-year term:
- Normal Repayment: Pay off in 30 years, total cost around $579,000.
- Biweekly Repayment: Pay off in about 26 years, saving over $30,000 in interest.
- Extra $200/month: Pay off in about 24 years, saving ~$50,000.
- Payback Altogether (after 10 years): Save ~$80,000 in future interest.
Benefits of Using This Calculator
- See real savings: Compare different repayment strategies side by side.
- Stay motivated: Watch your loan term shrink as you add extra payments.
- Plan smarter: Decide whether biweekly payments or lump sums make sense for you.
- Financial control: Make informed choices about your biggest debt.
Other Loan & Finance Tools
Try our other free calculators to manage your finances:
- Personal Loan Calculator
- Business Loan Calculator
- Auto Loan Calculator
- FHA Loan Calculator
- House Affordability Calculator
Our Partner: PDF Tools Guru
We’ve partnered with PDF Tools Guru — a free online platform offering PDF converters, calculators, unit converters, and unique tools like the Sleep Calculator. With tools such as PDF to Word, Merge PDF, and Split PDF, PDF Tools Guru makes everyday digital tasks simple and quick.
Conclusion
Paying off your mortgage faster can save you thousands of dollars and years of payments. Whether you prefer biweekly payments, extra monthly contributions, or a lump sum payoff, our Mortgage Payoff Calculator shows you the difference. Try it today and take the first step toward financial freedom.