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Early Mortgage Payoff Calculator

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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
Oct, 2041 Aug, 2038

Early Payoff Amortization Schedule

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