Mortgage payoff planning
Prepayment savings calculator
See how extra monthly payments and annual lump sums could reduce interest and shorten the time needed to repay the mortgage.
01
Current mortgage
Enter the balance, rate and remaining amortization.
02
Extra payments
Use amounts permitted by your mortgage contract.
Estimated time saved
7y 4m
New estimated payoff in 17y 8m
Regular monthly payment$3,016
Monthly amount with extra$3,316
Interest without extras$364,749
Interest with extras$246,842
Estimated interest saved$117,907
Original payoff time25 years
Prepayment limits and timing vary by lender and mortgage. Payments above the permitted amount may trigger a penalty; confirm privileges in your contract before paying extra.
Read the result carefully
The contract controls what you can prepay.
- Annual limits, anniversary dates and rules for increasing regular payments vary by lender.
- Unused privileges may not carry forward, and overpayments can trigger a charge.
- Paying expensive unsecured debt or keeping an emergency reserve may take priority over mortgage prepayments.