Early Mortgage Payoff Calculator

Early Mortgage Payoff Calculator excel to calculate early mortgage payoff and total interest savings by paying off your mortgage early.

Early Loan Payoff Calculator
Mortgage Balance	$
Interest Rate
Current Monthly Payment	$
Extra Monthly Payment	$
	OR
Desired Payoff Years	years
	Check Local Mortgage Rates

Original vs. Early Payoff
		Original		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		May, 2041		Mar, 2038
Early Payoff Amortization Schedule
Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Nov, 2023	1	$416.67	$398.76	$815.43	$99,601.24
Dec, 2023	2	$415.01	$400.42	$815.43	$99,200.81
Jan, 2024	3	$413.34	$402.09	$815.43	$98,798.72
Feb, 2024	4	$411.66	$403.77	$815.43	$98,394.95
Mar, 2024	5	$409.98	$405.45	$815.43	$97,989.50
Apr, 2024	6	$408.29	$407.14	$815.43	$97,582.36
May, 2024	7	$406.59	$408.84	$815.43	$97,173.52
Jun, 2024	8	$404.89	$410.54	$815.43	$96,762.98
Jul, 2024	9	$403.18	$412.25	$815.43	$96,350.73
Aug, 2024	10	$401.46	$413.97	$815.43	$95,936.76
Sep, 2024	11	$399.74	$415.69	$815.43	$95,521.07
Oct, 2024	12	$398.00	$417.43	$815.43	$95,103.64
Nov, 2024	13	$396.27	$419.16	$815.43	$94,684.48
Dec, 2024	14	$394.52	$420.91	$815.43	$94,263.57
Jan, 2025	15	$392.76	$422.67	$815.43	$93,840.90
Feb, 2025	16	$391.00	$424.43	$815.43	$93,416.48
Mar, 2025	17	$389.24	$426.19	$815.43	$92,990.28
Apr, 2025	18	$387.46	$427.97	$815.43	$92,562.31
May, 2025	19	$385.68	$429.75	$815.43	$92,132.56
Jun, 2025	20	$383.89	$431.54	$815.43	$91,701.01
Jul, 2025	21	$382.09	$433.34	$815.43	$91,267.67
Aug, 2025	22	$380.28	$435.15	$815.43	$90,832.52
Sep, 2025	23	$378.47	$436.96	$815.43	$90,395.56
Oct, 2025	24	$376.65	$438.78	$815.43	$89,956.78
Nov, 2025	25	$374.82	$440.61	$815.43	$89,516.17
Dec, 2025	26	$372.98	$442.45	$815.43	$89,073.72
Jan, 2026	27	$371.14	$444.29	$815.43	$88,629.43
Feb, 2026	28	$369.29	$446.14	$815.43	$88,183.29
Mar, 2026	29	$367.43	$448.00	$815.43	$87,735.29
Apr, 2026	30	$365.56	$449.87	$815.43	$87,285.43
May, 2026	31	$363.69	$451.74	$815.43	$86,833.69
Jun, 2026	32	$361.81	$453.62	$815.43	$86,380.06
Jul, 2026	33	$359.92	$455.51	$815.43	$85,924.55
Aug, 2026	34	$358.02	$457.41	$815.43	$85,467.14
Sep, 2026	35	$356.11	$459.32	$815.43	$85,007.82
Oct, 2026	36	$354.20	$461.23	$815.43	$84,546.59
Nov, 2026	37	$352.28	$463.15	$815.43	$84,083.44
Dec, 2026	38	$350.35	$465.08	$815.43	$83,618.36
Jan, 2027	39	$348.41	$467.02	$815.43	$83,151.34
Feb, 2027	40	$346.46	$468.97	$815.43	$82,682.37
Mar, 2027	41	$344.51	$470.92	$815.43	$82,211.45
Apr, 2027	42	$342.55	$472.88	$815.43	$81,738.57
May, 2027	43	$340.58	$474.85	$815.43	$81,263.71
Jun, 2027	44	$338.60	$476.83	$815.43	$80,786.88
Jul, 2027	45	$336.61	$478.82	$815.43	$80,308.07
Aug, 2027	46	$334.62	$480.81	$815.43	$79,827.25
Sep, 2027	47	$332.61	$482.82	$815.43	$79,344.44
Oct, 2027	48	$330.60	$484.83	$815.43	$78,859.61
Nov, 2027	49	$328.58	$486.85	$815.43	$78,372.76
Dec, 2027	50	$326.55	$488.88	$815.43	$77,883.88
Jan, 2028	51	$324.52	$490.91	$815.43	$77,392.97
Feb, 2028	52	$322.47	$492.96	$815.43	$76,900.01
Mar, 2028	53	$320.42	$495.01	$815.43	$76,405.00
Apr, 2028	54	$318.35	$497.08	$815.43	$75,907.92
May, 2028	55	$316.28	$499.15	$815.43	$75,408.77
Jun, 2028	56	$314.20	$501.23	$815.43	$74,907.55
Jul, 2028	57	$312.11	$503.32	$815.43	$74,404.23
Aug, 2028	58	$310.02	$505.41	$815.43	$73,898.82
Sep, 2028	59	$307.91	$507.52	$815.43	$73,391.30
Oct, 2028	60	$305.80	$509.63	$815.43	$72,881.67
Nov, 2028	61	$303.67	$511.76	$815.43	$72,369.91
Dec, 2028	62	$301.54	$513.89	$815.43	$71,856.02
Jan, 2029	63	$299.40	$516.03	$815.43	$71,339.99
Feb, 2029	64	$297.25	$518.18	$815.43	$70,821.81
Mar, 2029	65	$295.09	$520.34	$815.43	$70,301.47
Apr, 2029	66	$292.92	$522.51	$815.43	$69,778.97
May, 2029	67	$290.75	$524.68	$815.43	$69,254.28
Jun, 2029	68	$288.56	$526.87	$815.43	$68,727.41
Jul, 2029	69	$286.36	$529.07	$815.43	$68,198.35
Aug, 2029	70	$284.16	$531.27	$815.43	$67,667.08
Sep, 2029	71	$281.95	$533.48	$815.43	$67,133.59
Oct, 2029	72	$279.72	$535.71	$815.43	$66,597.89
Nov, 2029	73	$277.49	$537.94	$815.43	$66,059.95
Dec, 2029	74	$275.25	$540.18	$815.43	$65,519.77
Jan, 2030	75	$273.00	$542.43	$815.43	$64,977.34
Feb, 2030	76	$270.74	$544.69	$815.43	$64,432.64
Mar, 2030	77	$268.47	$546.96	$815.43	$63,885.68
Apr, 2030	78	$266.19	$549.24	$815.43	$63,336.44
May, 2030	79	$263.90	$551.53	$815.43	$62,784.92
Jun, 2030	80	$261.60	$553.83	$815.43	$62,231.09
Jul, 2030	81	$259.30	$556.13	$815.43	$61,674.96
Aug, 2030	82	$256.98	$558.45	$815.43	$61,116.50
Sep, 2030	83	$254.65	$560.78	$815.43	$60,555.73
Oct, 2030	84	$252.32	$563.11	$815.43	$59,992.61
Nov, 2030	85	$249.97	$565.46	$815.43	$59,427.15
Dec, 2030	86	$247.61	$567.82	$815.43	$58,859.33
Jan, 2031	87	$245.25	$570.18	$815.43	$58,289.15
Feb, 2031	88	$242.87	$572.56	$815.43	$57,716.59
Mar, 2031	89	$240.49	$574.94	$815.43	$57,141.65
Apr, 2031	90	$238.09	$577.34	$815.43	$56,564.31
May, 2031	91	$235.68	$579.75	$815.43	$55,984.56
Jun, 2031	92	$233.27	$582.16	$815.43	$55,402.40
Jul, 2031	93	$230.84	$584.59	$815.43	$54,817.82
Aug, 2031	94	$228.41	$587.02	$815.43	$54,230.79
Sep, 2031	95	$225.96	$589.47	$815.43	$53,641.33
Oct, 2031	96	$223.51	$591.92	$815.43	$53,049.40
Nov, 2031	97	$221.04	$594.39	$815.43	$52,455.01
Dec, 2031	98	$218.56	$596.87	$815.43	$51,858.14
Jan, 2032	99	$216.08	$599.35	$815.43	$51,258.79
Feb, 2032	100	$213.58	$601.85	$815.43	$50,656.94
Mar, 2032	101	$211.07	$604.36	$815.43	$50,052.58
Apr, 2032	102	$208.55	$606.88	$815.43	$49,445.70
May, 2032	103	$206.02	$609.41	$815.43	$48,836.29
Jun, 2032	104	$203.48	$611.95	$815.43	$48,224.35
Jul, 2032	105	$200.93	$614.50	$815.43	$47,609.85
Aug, 2032	106	$198.37	$617.06	$815.43	$46,992.80
Sep, 2032	107	$195.80	$619.63	$815.43	$46,373.17
Oct, 2032	108	$193.22	$622.21	$815.43	$45,750.96
Nov, 2032	109	$190.63	$624.80	$815.43	$45,126.16
Dec, 2032	110	$188.03	$627.40	$815.43	$44,498.76
Jan, 2033	111	$185.41	$630.02	$815.43	$43,868.74
Feb, 2033	112	$182.79	$632.64	$815.43	$43,236.09
Mar, 2033	113	$180.15	$635.28	$815.43	$42,600.81
Apr, 2033	114	$177.50	$637.93	$815.43	$41,962.89
May, 2033	115	$174.85	$640.58	$815.43	$41,322.30
Jun, 2033	116	$172.18	$643.25	$815.43	$40,679.05
Jul, 2033	117	$169.50	$645.93	$815.43	$40,033.12
Aug, 2033	118	$166.80	$648.63	$815.43	$39,384.49
Sep, 2033	119	$164.10	$651.33	$815.43	$38,733.16
Oct, 2033	120	$161.39	$654.04	$815.43	$38,079.12
Nov, 2033	121	$158.66	$656.77	$815.43	$37,422.35
Dec, 2033	122	$155.93	$659.50	$815.43	$36,762.85
Jan, 2034	123	$153.18	$662.25	$815.43	$36,100.60
Feb, 2034	124	$150.42	$665.01	$815.43	$35,435.59
Mar, 2034	125	$147.65	$667.78	$815.43	$34,767.81
Apr, 2034	126	$144.87	$670.56	$815.43	$34,097.24
May, 2034	127	$142.07	$673.36	$815.43	$33,423.88
Jun, 2034	128	$139.27	$676.16	$815.43	$32,747.72
Jul, 2034	129	$136.45	$678.98	$815.43	$32,068.74
Aug, 2034	130	$133.62	$681.81	$815.43	$31,386.93
Sep, 2034	131	$130.78	$684.65	$815.43	$30,702.28
Oct, 2034	132	$127.93	$687.50	$815.43	$30,014.77
Nov, 2034	133	$125.06	$690.37	$815.43	$29,324.41
Dec, 2034	134	$122.19	$693.24	$815.43	$28,631.16
Jan, 2035	135	$119.30	$696.13	$815.43	$27,935.03
Feb, 2035	136	$116.40	$699.03	$815.43	$27,235.99
Mar, 2035	137	$113.48	$701.95	$815.43	$26,534.05
Apr, 2035	138	$110.56	$704.87	$815.43	$25,829.17
May, 2035	139	$107.62	$707.81	$815.43	$25,121.37
Jun, 2035	140	$104.67	$710.76	$815.43	$24,410.61
Jul, 2035	141	$101.71	$713.72	$815.43	$23,696.89
Aug, 2035	142	$98.74	$716.69	$815.43	$22,980.20
Sep, 2035	143	$95.75	$719.68	$815.43	$22,260.52
Oct, 2035	144	$92.75	$722.68	$815.43	$21,537.84
Nov, 2035	145	$89.74	$725.69	$815.43	$20,812.15
Dec, 2035	146	$86.72	$728.71	$815.43	$20,083.44
Jan, 2036	147	$83.68	$731.75	$815.43	$19,351.69
Feb, 2036	148	$80.63	$734.80	$815.43	$18,616.89
Mar, 2036	149	$77.57	$737.86	$815.43	$17,879.03
Apr, 2036	150	$74.50	$740.93	$815.43	$17,138.10
May, 2036	151	$71.41	$744.02	$815.43	$16,394.08
Jun, 2036	152	$68.31	$747.12	$815.43	$15,646.95
Jul, 2036	153	$65.20	$750.23	$815.43	$14,896.72
Aug, 2036	154	$62.07	$753.36	$815.43	$14,143.36
Sep, 2036	155	$58.93	$756.50	$815.43	$13,386.86
Oct, 2036	156	$55.78	$759.65	$815.43	$12,627.21
Nov, 2036	157	$52.61	$762.82	$815.43	$11,864.39
Dec, 2036	158	$49.43	$766.00	$815.43	$11,098.40
Jan, 2037	159	$46.24	$769.19	$815.43	$10,329.21
Feb, 2037	160	$43.04	$772.39	$815.43	$9,556.82
Mar, 2037	161	$39.82	$775.61	$815.43	$8,781.21
Apr, 2037	162	$36.59	$778.84	$815.43	$8,002.37
May, 2037	163	$33.34	$782.09	$815.43	$7,220.28
Jun, 2037	164	$30.08	$785.35	$815.43	$6,434.94
Jul, 2037	165	$26.81	$788.62	$815.43	$5,646.32
Aug, 2037	166	$23.53	$791.90	$815.43	$4,854.41
Sep, 2037	167	$20.23	$795.20	$815.43	$4,059.21
Oct, 2037	168	$16.91	$798.52	$815.43	$3,260.69
Nov, 2037	169	$13.59	$801.84	$815.43	$2,458.85
Dec, 2037	170	$10.25	$805.18	$815.43	$1,653.67
Jan, 2038	171	$6.89	$808.54	$815.43	$845.13
Feb, 2038	172	$3.52	$811.91	$815.43	$33.22
Mar, 2038	173	$0.14	$33.22	$33.36	$0.00

Early Loan Payoff Calculator

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. 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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