Mortgage Payoff Calculator
See how small changes today can save you thousands tomorrow. Calculate how much time and interest you can save by adding extra payments to your principal balance.
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Receive your personalized payoff schedule and explore how a 15-year refinance could save you even more.
Considering a 15-Year Term?
Refinancing into a shorter term can force equity growth and lower your interest rate permanently.
Read the 15 vs 30 Guide →How Extra Payments Accelerate Wealth
Mortgages are "front-loaded" with interest. In the early years of your loan, a huge portion of your monthly payment goes toward interest, while only a small amount reduces your actual balance. By making an extra principal payment, you bypass that interest cycle entirely.
The Compound Effect
Every dollar you pay toward principal today stops being charged interest for every single month remaining on the loan. For example, a single extra $1,000 payment made early in a 30-year mortgage can effectively save you $2,000 to $3,000 in future interest charges.
Strategies for Faster Payoff:
- Monthly Round-Ups: Round your mortgage payment up to the nearest hundred. It’s a painless way to save months of time.
- The 13th Payment: Make one extra full payment per year. This typically shaves 4-5 years off a 30-year loan.
- Refinance to 15 Years: If you can afford the higher payment, a 15-year fixed rate is almost always lower than a 30-year rate, compounding your savings.
Ready to see if a refinance makes more sense than extra payments? Apply for a rate review with Jonathan Moses today.