Early Mortgage Payoff

An early payoff calculator shows how much faster you'll clear your mortgage and how much interest you'll save by making extra payments — either a recurring overpayment each month, a one-time lump sum, or both. Because mortgage interest is front-loaded (most of your early payments go to interest, not principal), even modest overpayments in the first 5–10 years cut years off the loan and save tens of thousands in interest over a 25–30 year mortgage.

Enter your current mortgage balance, interest rate, and remaining term. Add an extra monthly amount you could afford, or a one-off lump sum (say, a bonus or inheritance). The calculator returns your new payoff date, total interest saved, and total months shaved off the loan. Try a $200/month overpayment on a $300,000 mortgage at 6% — you'll typically save 5+ years and over $50,000 in interest.

Mathematically, paying off a 6%+ mortgage early is a guaranteed risk-free return — better than most bonds and competitive with long-term stock returns after tax. But check three things first: do you have a fully-funded emergency fund, are you maxing tax-advantaged retirement accounts, and does your lender charge an early repayment penalty? If yes/yes/no, overpayments are usually a great use of spare cash.