Early Mortgage Payoff Calculator

Early Mortgage Payoff Calculator excel to calculate early mortgage payoff and total interest savings by paying off your mortgage early. The mortgage early payoff calculator will show you an amortization schedule with the new additional mortgage payment. You will get a comparison table that compares your original mortgage with the early payoff. If you want to make an extra payment each month to pay off your mortgage, use the mortgage payoff calculator extra payment.

		Original		Early Payoff
Original vs. Early Payoff
Monthly Payment		$715.43		$815.43
Expected Payoff Time		211 months		173 months
Total Interest		$50,248.90		$40,287.32
Total Principal		$100,000.00		$100,000.00
Total Payment		$150,248.90		$140,287.32
Total Interest Savings		$0		$9,961.59
Payoff Date		Sep, 2040		Jul, 2037
Early Payoff Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Mar, 2023	1	$416.67	$398.76	$815.43	$99,601.24
Apr, 2023	2	$415.01	$400.42	$815.43	$99,200.81
May, 2023	3	$413.34	$402.09	$815.43	$98,798.72
Jun, 2023	4	$411.66	$403.77	$815.43	$98,394.95
Jul, 2023	5	$409.98	$405.45	$815.43	$97,989.50
Aug, 2023	6	$408.29	$407.14	$815.43	$97,582.36
Sep, 2023	7	$406.59	$408.84	$815.43	$97,173.52
Oct, 2023	8	$404.89	$410.54	$815.43	$96,762.98
Nov, 2023	9	$403.18	$412.25	$815.43	$96,350.73
Dec, 2023	10	$401.46	$413.97	$815.43	$95,936.76
Jan, 2024	11	$399.74	$415.69	$815.43	$95,521.07
Feb, 2024	12	$398.00	$417.43	$815.43	$95,103.64
Mar, 2024	13	$396.27	$419.16	$815.43	$94,684.48
Apr, 2024	14	$394.52	$420.91	$815.43	$94,263.57
May, 2024	15	$392.76	$422.67	$815.43	$93,840.90
Jun, 2024	16	$391.00	$424.43	$815.43	$93,416.48
Jul, 2024	17	$389.24	$426.19	$815.43	$92,990.28
Aug, 2024	18	$387.46	$427.97	$815.43	$92,562.31
Sep, 2024	19	$385.68	$429.75	$815.43	$92,132.56
Oct, 2024	20	$383.89	$431.54	$815.43	$91,701.01
Nov, 2024	21	$382.09	$433.34	$815.43	$91,267.67
Dec, 2024	22	$380.28	$435.15	$815.43	$90,832.52
Jan, 2025	23	$378.47	$436.96	$815.43	$90,395.56
Feb, 2025	24	$376.65	$438.78	$815.43	$89,956.78
Mar, 2025	25	$374.82	$440.61	$815.43	$89,516.17
Apr, 2025	26	$372.98	$442.45	$815.43	$89,073.72
May, 2025	27	$371.14	$444.29	$815.43	$88,629.43
Jun, 2025	28	$369.29	$446.14	$815.43	$88,183.29
Jul, 2025	29	$367.43	$448.00	$815.43	$87,735.29
Aug, 2025	30	$365.56	$449.87	$815.43	$87,285.43
Sep, 2025	31	$363.69	$451.74	$815.43	$86,833.69
Oct, 2025	32	$361.81	$453.62	$815.43	$86,380.06
Nov, 2025	33	$359.92	$455.51	$815.43	$85,924.55
Dec, 2025	34	$358.02	$457.41	$815.43	$85,467.14
Jan, 2026	35	$356.11	$459.32	$815.43	$85,007.82
Feb, 2026	36	$354.20	$461.23	$815.43	$84,546.59
Mar, 2026	37	$352.28	$463.15	$815.43	$84,083.44
Apr, 2026	38	$350.35	$465.08	$815.43	$83,618.36
May, 2026	39	$348.41	$467.02	$815.43	$83,151.34
Jun, 2026	40	$346.46	$468.97	$815.43	$82,682.37
Jul, 2026	41	$344.51	$470.92	$815.43	$82,211.45
Aug, 2026	42	$342.55	$472.88	$815.43	$81,738.57
Sep, 2026	43	$340.58	$474.85	$815.43	$81,263.71
Oct, 2026	44	$338.60	$476.83	$815.43	$80,786.88
Nov, 2026	45	$336.61	$478.82	$815.43	$80,308.07
Dec, 2026	46	$334.62	$480.81	$815.43	$79,827.25
Jan, 2027	47	$332.61	$482.82	$815.43	$79,344.44
Feb, 2027	48	$330.60	$484.83	$815.43	$78,859.61
Mar, 2027	49	$328.58	$486.85	$815.43	$78,372.76
Apr, 2027	50	$326.55	$488.88	$815.43	$77,883.88
May, 2027	51	$324.52	$490.91	$815.43	$77,392.97
Jun, 2027	52	$322.47	$492.96	$815.43	$76,900.01
Jul, 2027	53	$320.42	$495.01	$815.43	$76,405.00
Aug, 2027	54	$318.35	$497.08	$815.43	$75,907.92
Sep, 2027	55	$316.28	$499.15	$815.43	$75,408.77
Oct, 2027	56	$314.20	$501.23	$815.43	$74,907.55
Nov, 2027	57	$312.11	$503.32	$815.43	$74,404.23
Dec, 2027	58	$310.02	$505.41	$815.43	$73,898.82
Jan, 2028	59	$307.91	$507.52	$815.43	$73,391.30
Feb, 2028	60	$305.80	$509.63	$815.43	$72,881.67
Mar, 2028	61	$303.67	$511.76	$815.43	$72,369.91
Apr, 2028	62	$301.54	$513.89	$815.43	$71,856.02
May, 2028	63	$299.40	$516.03	$815.43	$71,339.99
Jun, 2028	64	$297.25	$518.18	$815.43	$70,821.81
Jul, 2028	65	$295.09	$520.34	$815.43	$70,301.47
Aug, 2028	66	$292.92	$522.51	$815.43	$69,778.97
Sep, 2028	67	$290.75	$524.68	$815.43	$69,254.28
Oct, 2028	68	$288.56	$526.87	$815.43	$68,727.41
Nov, 2028	69	$286.36	$529.07	$815.43	$68,198.35
Dec, 2028	70	$284.16	$531.27	$815.43	$67,667.08
Jan, 2029	71	$281.95	$533.48	$815.43	$67,133.59
Feb, 2029	72	$279.72	$535.71	$815.43	$66,597.89
Mar, 2029	73	$277.49	$537.94	$815.43	$66,059.95
Apr, 2029	74	$275.25	$540.18	$815.43	$65,519.77
May, 2029	75	$273.00	$542.43	$815.43	$64,977.34
Jun, 2029	76	$270.74	$544.69	$815.43	$64,432.64
Jul, 2029	77	$268.47	$546.96	$815.43	$63,885.68
Aug, 2029	78	$266.19	$549.24	$815.43	$63,336.44
Sep, 2029	79	$263.90	$551.53	$815.43	$62,784.92
Oct, 2029	80	$261.60	$553.83	$815.43	$62,231.09
Nov, 2029	81	$259.30	$556.13	$815.43	$61,674.96
Dec, 2029	82	$256.98	$558.45	$815.43	$61,116.50
Jan, 2030	83	$254.65	$560.78	$815.43	$60,555.73
Feb, 2030	84	$252.32	$563.11	$815.43	$59,992.61
Mar, 2030	85	$249.97	$565.46	$815.43	$59,427.15
Apr, 2030	86	$247.61	$567.82	$815.43	$58,859.33
May, 2030	87	$245.25	$570.18	$815.43	$58,289.15
Jun, 2030	88	$242.87	$572.56	$815.43	$57,716.59
Jul, 2030	89	$240.49	$574.94	$815.43	$57,141.65
Aug, 2030	90	$238.09	$577.34	$815.43	$56,564.31
Sep, 2030	91	$235.68	$579.75	$815.43	$55,984.56
Oct, 2030	92	$233.27	$582.16	$815.43	$55,402.40
Nov, 2030	93	$230.84	$584.59	$815.43	$54,817.82
Dec, 2030	94	$228.41	$587.02	$815.43	$54,230.79
Jan, 2031	95	$225.96	$589.47	$815.43	$53,641.33
Feb, 2031	96	$223.51	$591.92	$815.43	$53,049.40
Mar, 2031	97	$221.04	$594.39	$815.43	$52,455.01
Apr, 2031	98	$218.56	$596.87	$815.43	$51,858.14
May, 2031	99	$216.08	$599.35	$815.43	$51,258.79
Jun, 2031	100	$213.58	$601.85	$815.43	$50,656.94
Jul, 2031	101	$211.07	$604.36	$815.43	$50,052.58
Aug, 2031	102	$208.55	$606.88	$815.43	$49,445.70
Sep, 2031	103	$206.02	$609.41	$815.43	$48,836.29
Oct, 2031	104	$203.48	$611.95	$815.43	$48,224.35
Nov, 2031	105	$200.93	$614.50	$815.43	$47,609.85
Dec, 2031	106	$198.37	$617.06	$815.43	$46,992.80
Jan, 2032	107	$195.80	$619.63	$815.43	$46,373.17
Feb, 2032	108	$193.22	$622.21	$815.43	$45,750.96
Mar, 2032	109	$190.63	$624.80	$815.43	$45,126.16
Apr, 2032	110	$188.03	$627.40	$815.43	$44,498.76
May, 2032	111	$185.41	$630.02	$815.43	$43,868.74
Jun, 2032	112	$182.79	$632.64	$815.43	$43,236.09
Jul, 2032	113	$180.15	$635.28	$815.43	$42,600.81
Aug, 2032	114	$177.50	$637.93	$815.43	$41,962.89
Sep, 2032	115	$174.85	$640.58	$815.43	$41,322.30
Oct, 2032	116	$172.18	$643.25	$815.43	$40,679.05
Nov, 2032	117	$169.50	$645.93	$815.43	$40,033.12
Dec, 2032	118	$166.80	$648.63	$815.43	$39,384.49
Jan, 2033	119	$164.10	$651.33	$815.43	$38,733.16
Feb, 2033	120	$161.39	$654.04	$815.43	$38,079.12
Mar, 2033	121	$158.66	$656.77	$815.43	$37,422.35
Apr, 2033	122	$155.93	$659.50	$815.43	$36,762.85
May, 2033	123	$153.18	$662.25	$815.43	$36,100.60
Jun, 2033	124	$150.42	$665.01	$815.43	$35,435.59
Jul, 2033	125	$147.65	$667.78	$815.43	$34,767.81
Aug, 2033	126	$144.87	$670.56	$815.43	$34,097.24
Sep, 2033	127	$142.07	$673.36	$815.43	$33,423.88
Oct, 2033	128	$139.27	$676.16	$815.43	$32,747.72
Nov, 2033	129	$136.45	$678.98	$815.43	$32,068.74
Dec, 2033	130	$133.62	$681.81	$815.43	$31,386.93
Jan, 2034	131	$130.78	$684.65	$815.43	$30,702.28
Feb, 2034	132	$127.93	$687.50	$815.43	$30,014.77
Mar, 2034	133	$125.06	$690.37	$815.43	$29,324.41
Apr, 2034	134	$122.19	$693.24	$815.43	$28,631.16
May, 2034	135	$119.30	$696.13	$815.43	$27,935.03
Jun, 2034	136	$116.40	$699.03	$815.43	$27,235.99
Jul, 2034	137	$113.48	$701.95	$815.43	$26,534.05
Aug, 2034	138	$110.56	$704.87	$815.43	$25,829.17
Sep, 2034	139	$107.62	$707.81	$815.43	$25,121.37
Oct, 2034	140	$104.67	$710.76	$815.43	$24,410.61
Nov, 2034	141	$101.71	$713.72	$815.43	$23,696.89
Dec, 2034	142	$98.74	$716.69	$815.43	$22,980.20
Jan, 2035	143	$95.75	$719.68	$815.43	$22,260.52
Feb, 2035	144	$92.75	$722.68	$815.43	$21,537.84
Mar, 2035	145	$89.74	$725.69	$815.43	$20,812.15
Apr, 2035	146	$86.72	$728.71	$815.43	$20,083.44
May, 2035	147	$83.68	$731.75	$815.43	$19,351.69
Jun, 2035	148	$80.63	$734.80	$815.43	$18,616.89
Jul, 2035	149	$77.57	$737.86	$815.43	$17,879.03
Aug, 2035	150	$74.50	$740.93	$815.43	$17,138.10
Sep, 2035	151	$71.41	$744.02	$815.43	$16,394.08
Oct, 2035	152	$68.31	$747.12	$815.43	$15,646.95
Nov, 2035	153	$65.20	$750.23	$815.43	$14,896.72
Dec, 2035	154	$62.07	$753.36	$815.43	$14,143.36
Jan, 2036	155	$58.93	$756.50	$815.43	$13,386.86
Feb, 2036	156	$55.78	$759.65	$815.43	$12,627.21
Mar, 2036	157	$52.61	$762.82	$815.43	$11,864.39
Apr, 2036	158	$49.43	$766.00	$815.43	$11,098.40
May, 2036	159	$46.24	$769.19	$815.43	$10,329.21
Jun, 2036	160	$43.04	$772.39	$815.43	$9,556.82
Jul, 2036	161	$39.82	$775.61	$815.43	$8,781.21
Aug, 2036	162	$36.59	$778.84	$815.43	$8,002.37
Sep, 2036	163	$33.34	$782.09	$815.43	$7,220.28
Oct, 2036	164	$30.08	$785.35	$815.43	$6,434.94
Nov, 2036	165	$26.81	$788.62	$815.43	$5,646.32
Dec, 2036	166	$23.53	$791.90	$815.43	$4,854.41
Jan, 2037	167	$20.23	$795.20	$815.43	$4,059.21
Feb, 2037	168	$16.91	$798.52	$815.43	$3,260.69
Mar, 2037	169	$13.59	$801.84	$815.43	$2,458.85
Apr, 2037	170	$10.25	$805.18	$815.43	$1,653.67
May, 2037	171	$6.89	$808.54	$815.43	$845.13
Jun, 2037	172	$3.52	$811.91	$815.43	$33.22
Jul, 2037	173	$0.14	$33.22	$33.36	$0.00

Early Loan Payoff Calculator

This early loan payoff calculator is useful to calculate how many years in the future that you want to pay off the loan. You can also pay off your mortgage early by increasing your monthly payment, you can use the Mortgage Payoff Calculator. Use the mortgage calculator with PMI and extra payments to calculate your monthly or biweekly mortgage payments. Read How to Pay Off Mortgage Earlier to learn some tips on how to pay off your mortgage quicker.

How to pay off mortgage in 5 years calculator

If you want to pay off your mortgage in 5 years, you can use this early mortgage payoff calculator. All you have to do is to set the Desired Payoff Years field to 5 and leave the Extra Monthly Payment field empty.

How to pay off your mortgage early?

There are a few ways that you can pay off your mortgage early, by making extra payments, refinance, or recasting your mortgage.

Increase your monthly payment - By paying a few hundred dollars extra per month, you can greatly reduce the mortgage term and save a lot of money on interest. For most families, a few hundred dollars extra is a lot of money, which would mean they may have to cut expenses in other areas of their life. Even as little as a 10% increase in monthly payment helps.

Increase the frequency of payments - Instead of the monthly payment, you can use a biweekly payment plan. By making biweekly payments, you will end up with 13 yearly payments instead of 12. One extra payment per year might not seem like a lot, but it can pay off your mortgage years earlier. You can use our biweekly mortgage calculator to estimate how much you can save in interest payment, and how much faster you can pay off your mortgage with biweekly payments.

Make a lump sum payment - If you get a bonus at year-end, receive an inheritance, or your stock investment has grown and you decided to cash in. You can then use this extra cash to make a lump sum payment towards your principal. It doesn't have to be recurring, and a one-time lump sum payment helps with your mortgage payment and reduces the burden of your interest payment.

Refinance your mortgage - Refinance is another option if the mortgage rate has declined since you bought your house. If your original term was 30 years, you can consider refinancing it to a 15-year term. This will greatly lower your overall interest payment, and cut your term by many years. However, the downside is that you will have to pay more each month in mortgage payments because you've shortened the term. For this option to work, the mortgage rate has to be much lower compared to your existing rate, and you need to have savings that you can afford for the extra money that you will be paying each month. Also, keep in mind, you will have to pay a refinance fee to cover all the costs involved.

Recast your mortgage - If refinance is not an option, you may consider recasting the mortgage. Recasting is essentially the same as making a lump sum payment. Some lenders do not allow lump-sum payment, that's why recasting may be an option. Recasting allows the borrower to keep the same interest rate and term with a lower balance. There is a recasting fee that you need to pay the bank for recasting your mortgage. The downside of recasting is that it does not reduce your term, so you won't pay off your mortgage earlier, but you are saving money on interest.

Make a bigger down payment - so you don't have to pay for PMI. Most banks and lenders require the borrower to pay monthly private mortgage insurance or PMI if their down payment is less than 20%. As soon as the borrower has 20% of equity on their house, they can stop making payments for PMI. Therefore, if you make a bigger down payment, you will avoid paying extra for the PMI.

Downsize - instead of living in a big house, you may consider selling it and using the money to buy a smaller and less expensive house. With the profit that you sold your home, you might be able to buy a smaller house with cash or a much smaller mortgage. You can even move to a different city, state, or neighborhood where housing is more affordable.

Is there any penalty for paying off the mortgage early?

Each bank and lender is different. You will need to check with your lender first before you start making extra payments to pay off your mortgage each month. You want to make sure that there is no penalty for making extra payment and the extra payment is towards principal, not for interest. Also, some lenders do not allow refinance or recast, so make sure you check with them first before you do anything else.

How to save more money for extra mortgage payments?

To pay off your mortgage early, you will need to increase your monthly payments toward the principal of your mortgage. Depending on the size of your mortgage, making a few hundred extra dollars each month could save you a lot of money in interest and pay off your loan many years faster. If you don't have the extra money, here are a few habits that can cut your monthly expenses and save more money that you can use for your extra mortgage payment.

Sell used stuff from your garage - If you don't need or use an item anymore, instead of throwing it out or letting it sit in your garage, try to sell it. Old clothes that you no longer wear, old toys that your kids no longer play with. You can list them on online market platforms like eBay, Craigslist, Facebook Marketplace, or OfferUp. You can then use this cash to make extra payments on your mortgage.

Cut your spending - Another excellent way to save more money is to cut your spending. Track your monthly spending with a mobile app and record everything you buy for that month. Review your spending habits at the end of the month and see which expenses you can cut next month. Keep recording and tracking your spending habits for a few more months, and you will learn how to cut spending on unnecessary things.

Increase your income - Talk to your boss and see if you can get a raise. Of course, this may mean you need to produce more on your job or work extra hours. You can try to find another job with better pay. Research the job market and see what other companies are paying for your position and see if there is a high demand for what you do. You can consider getting a college degree if you don't have one or getting certificates that are required to move up the corporate ladder in your field, or getting a part-time job on the weekend if that works.

No matter how little extra payments you make each month, they help you pay off your mortgage faster. You can always start small, and increase your monthly payment as times go by. If you think long-term, you are saving money and building equity on your house much quicker when you pay more.

Should I pay off my mortgage?

There are a few reasons when it comes to why you wouldn't want to pay off your mortgage.

Other better investment - If you have other investment opportunities that have a better growth rate or higher ROI for your money than the interest you are paying for the mortgage, by all means, pursue these opportunities.

Starting a business - if you are thinking about starting a business and need the capital, you may not want to pay off your mortgage. You may need the extra money for your business.

The interest rate is very low - If you want to live more comfortably and spend more time with your family instead of getting another job. You may not want to pay off your mortgage earlier as that would mean a change in your lifestyle.

Everyone and every family is different. Some want to pay off their mortgage as quickly as possible, while others want to have more cash in hand for other use. You will have to do some thinking and planning to decide whether or not it makes sense to pay off your mortgage faster.

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How to pay off your mortgage early?

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Should I pay off my mortgage?

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