Mortgage payoff calculator with extra payments
Adding $200 a month to a $250,000 mortgage at 6.5% with 28 years left cuts the payoff by 83 months, about 6 years and 11 months, and saves $83,660 in interest. Enter your balance, rate, remaining term and extra payments to see the new payoff date and savings.
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- 📱 Works on mobile
- ⚡ Instant results
Estimate only, not financial advice. Check your loan agreement for prepayment terms and make sure extra payments are applied to principal.
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How extra payments pay off your mortgage faster
Each month, interest is charged on the remaining balance: balance × rate ÷ 12. Any amount above the required payment goes straight to principal, so next month's interest is smaller and more of your regular payment hits principal too. The effect compounds.
new balance = balance + interest − (regular payment + extra payment)
This calculator repeats that step month by month until the balance reaches zero, so the savings come from the actual schedule, not an approximation.
What different strategies save
On a $250,000 balance at 6.5% with 336 months left (regular payment $1,617.54):
| Strategy | New payoff time | Interest saved |
|---|---|---|
| $200 extra every month | 253 months | $83,660 |
| $20,000 lump sum today | 273 months | $82,692 |
Early extra money is worth the most because it avoids years of compounding interest. Tell your servicer to apply extra funds to principal, and confirm there is no prepayment penalty.
3 real-life examples
$200 extra a month
$250,000 balance, 6.5%, 336 months left. Payoff drops from 336 to 253 months, and interest falls from $293,493.51 to $209,833.43, a saving of $83,660.
$20,000 bonus applied now
Same loan with a one-time $20,000 payment: payoff in 273 months and $82,692 less interest, nearly the same savings as paying $200 a month for 23 years.
One extra payment a year
$300,000 at 6.5% with 30 years left, regular payment $1,896.20. Adding one-twelfth of a payment ($158.02) every month, equal to one extra payment a year, ends the loan after 290 months, 70 months early, and saves $87,256.