Is this different from just making extra payments?

It is the same arithmetic asked backwards. An extra-payment calculator takes an amount and gives you a date; this takes a date and gives you the amount. If you already know what you can spare, use the extra-payment calculator. If you know when you want to be done, start here.

Should I do this or refinance to a shorter term?

Paying extra on your current loan keeps your flexibility — you can stop any month without penalty. A 15-year refinance usually carries a lower rate but locks in the higher payment, and costs closing fees to obtain. Compare the payment here against a real 15-year quote, and weigh the rate saving against losing the option to pause.

Why does the interest saved look so large?

Because mortgage interest accrues on the outstanding balance. Shortening the term removes the final years, which are the cheapest in interest terms, but it also lowers the balance in every earlier year, which is where the bulk of the interest is charged.

Does my payment go up permanently?

No. Your contractual payment does not change — the extra is voluntary. If you stop paying it, the loan reverts to its original schedule, just with a smaller balance than it would have had.

Mortgage Payoff Calculator

Start from the date you want to be done, not from the money you have spare. Pick a payoff horizon and see the monthly payment that reaches it.

Monthly payment to hit that date

$2,439.11/mo

$627.46 more than your current payment

Current payment

$1,811.65

Extra per month

$627.46

Interest saved

$169,673

vs $328,710 on the current schedule

Paid off

Sep 1, 2041

156 months sooner

An estimate. Confirm any prepayment terms with your servicer before committing.

Both balances, side by side

The gap between the lines is what the extra payment buys. It is widest in the middle years — early on there is little principal gone either way, and at the end the target loan has already finished while the current one grinds on.

When each schedule finishes. The target line stops early — that gap is the whole point of the extra payment.
Strategy	Paid off in
Current schedule	28 years
Paying to hit the target	15 years

Assumptions used

Assumption set 2026-09-07

Annual interest rate: 6.50%user input
Loan term: 28 yearsuser input
Target payoff: 15 yruser input

Mortgage Payoff Estimate

Generated … · Assumption set 2026-09-07

How this calculator works

Most early-payoff tools ask what you can afford to add each month and tell you when the loan ends. This one runs the other way: you name the date, and it solves for the payment. It works out the scheduled payment on your remaining balance and term, then the payment that would clear the same balance over your target period, and reports the difference as the extra you would need to find each month. The interest saved is the gap between the two full amortization schedules, not an approximation. Mortgage interest accrues on the outstanding balance, so an extra payment made early is worth considerably more than the same payment made late — which is why the two balance curves separate most in the middle years.

Reviewed for calculation accuracy and clarity by the Mortgage Well Team · September 8, 2026

When to use this

You want to be mortgage-free by a particular year — before retirement, or before a child starts college.
You are deciding between a 15-year refinance and simply paying your current 30-year loan faster.
You want to know the cost of a goal before committing to it, rather than guessing at extra payments until a date looks right.

Assumptions

Assumes the extra goes to principal every month without interruption. Check that your servicer applies extra payments to principal rather than holding them as a prepaid instalment.
Ignores prepayment penalties, which are rare on US residential mortgages but not extinct — confirm before committing.
Taxes, insurance and any escrow are outside this calculation. It solves the principal-and-interest portion only.
The required payment is rounded up to whole cents, so the loan often clears a month before the target rather than exactly on it. The result reports the schedule's own answer, not the target.

Frequently asked

Is this different from just making extra payments?: It is the same arithmetic asked backwards. An extra-payment calculator takes an amount and gives you a date; this takes a date and gives you the amount. If you already know what you can spare, use the extra-payment calculator. If you know when you want to be done, start here.
Should I do this or refinance to a shorter term?: Paying extra on your current loan keeps your flexibility — you can stop any month without penalty. A 15-year refinance usually carries a lower rate but locks in the higher payment, and costs closing fees to obtain. Compare the payment here against a real 15-year quote, and weigh the rate saving against losing the option to pause.
Why does the interest saved look so large?: Because mortgage interest accrues on the outstanding balance. Shortening the term removes the final years, which are the cheapest in interest terms, but it also lowers the balance in every earlier year, which is where the bulk of the interest is charged.
Does my payment go up permanently?: No. Your contractual payment does not change — the extra is voluntary. If you stop paying it, the loan reverts to its original schedule, just with a smaller balance than it would have had.

Sources and references

Helpful consumer references used to explain assumptions on this page. These are educational pointers, not regulatory endorsement.

CFPB — paying down your mortgage — consumer guidance on extra payments and how to ensure they go to principal
Internal — standard amortization formula — fully-amortizing fixed-rate payment formula; identical math used throughout the engine

Estimates only. This calculator is not a loan offer, loan approval, official Loan Estimate, Closing Disclosure, tax advice, legal advice, or financial advice. Actual payments, rates, taxes, insurance, mortgage insurance, closing costs, and loan terms may vary. Contact a qualified lender, tax professional, or financial advisor for guidance.