Early Mortgage Payoff Calculator
Optimize your mortgage: Compare fixed-payment (annuity), constant-principal (declining payment) and interest-only (balloon) systems. Decide between reducing term or monthly payment.
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Enter an amount between 1,000 and 999,999,999,999
The term must be between 12 and 480 months
Average rate on new mortgages (United States, Nov 2026): 7.11% · Freddie Mac
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How to Pay Off Your Mortgage Early
Mortgage interest is concentrated at the start of the loan. Extra payments reduce the principal directly and lower the total cost of the loan.
1Monthly extra payments vs a lump sum
Even a small extra amount each month can take years off your term. An annual lump sum, such as a work bonus, has a similar effect.
2Why early overpayments save the most
With a fixed-payment (annuity) mortgage, the interest share of each payment is highest at the start. Overpaying early in the term saves the most interest for every unit you pay.