Mortgage Payoff Calculator
See how much time and interest you save by adding extra principal to your mortgage payment each month.
Interest saved $149,581.33
Payoff time 269 months · 22y 5m
Time saved 91 months · 7y 7m
Base payment (P&I) $2,528.27
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $8,180 | $25,759 | $391,820 |
| 2 | $8,728 | $25,211 | $383,092 |
| 3 | $9,312 | $24,627 | $373,779 |
| 4 | $9,936 | $24,003 | $363,843 |
| 5 | $10,602 | $23,338 | $353,242 |
| 6 | $11,312 | $22,628 | $341,930 |
| 7 | $12,069 | $21,870 | $329,861 |
| 8 | $12,877 | $21,062 | $316,984 |
| 9 | $13,740 | $20,199 | $303,244 |
| 10 | $14,660 | $19,279 | $288,584 |
| 11 | $15,642 | $18,297 | $272,942 |
| 12 | $16,689 | $17,250 | $256,252 |
| 13 | $17,807 | $16,132 | $238,445 |
| 14 | $19,000 | $14,940 | $219,445 |
| 15 | $20,272 | $13,667 | $199,173 |
| 16 | $21,630 | $12,309 | $177,543 |
| 17 | $23,078 | $10,861 | $154,465 |
| 18 | $24,624 | $9,315 | $129,841 |
| 19 | $26,273 | $7,666 | $103,568 |
| 20 | $28,033 | $5,907 | $75,535 |
| 21 | $29,910 | $4,029 | $45,625 |
| 22 | $31,913 | $2,026 | $13,711 |
| 23 | $13,711 | $221 | $0 |
How it's calculated
The loan is simulated month by month with your extra principal applied, then compared to the same loan without it. The difference is your interest and time saved.
Assumptions
- Extra payments go entirely to principal and start with the first payment.
- Savings are measured against the same loan with no extra payment.
Last updated: 2026-08-07
These assumptions follow our general methodology.
Frequently asked questions
Is paying down the mortgage better than investing?
It depends on your rate versus expected investment returns and your appetite for risk. Paying off debt is a guaranteed return equal to the rate.