Early Payoff Home Loan Calculator

To pay off a $300,000 home loan at 6.5% in 20 years instead of 30, pay $2,236.72 a month instead of $1,896.20. That is $340.52 extra and it saves $145,821 of interest.

Enter your balance, rate and the year you want to be done, then compare the other target dates in the table below.

Early payoff home loan calculator

Your payment now: $1,896.20 a month.

Payment to be done in 20 years: $2,236.72 a month.

Pay $340.52 extra each month to finish 10 years early and save $145,821 of interest.

Each payoff date on the same loan

The loan is $300,000 at 6.5% with 30 years left, a payment of $1,896.20 a month.

Paid off inMonthly paymentExtra a monthInterest saved
25 years$2,025.62$129.42$74,947
20 years$2,236.72$340.52$145,821
15 years$2,613.32$717.12$212,235
10 years$3,406.44$1,510.24$273,861

Going from 20 to 15 years adds $376.60 a month to the payment and saves $66,415 more interest. Each step costs more a month than the last.

Check the contract first

The CFPB says a prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early.

Read your loan papers before you send extra, and ask your servicer how to mark it as principal. To start from an amount and see the new date instead, use the extra payments mortgage payoff calculator.

Frequently asked questions

How much extra do I pay a month to pay off my home loan early?

It is the payment that clears the balance in the years you want, minus your payment now. On $300,000 at 6.5% with 30 years left, $340.52 extra a month finishes in 20 years.

Is a small extra amount worth it?

Yes. An extra $100 a month on the example loan ends it in 26 years and saves $60,995 of interest. The longer the loan has left, the more each extra dollar saves.

Should the extra go to principal?

Yes. Tell your servicer the extra is for principal, so it is not held as an early payment of next month's bill. Check how your servicer asks for that.

What if I cannot pay the same extra every month?

The target payment above is an average. Paying less in some months and a lump sum in others gets to the same date if the total is the same, but the earlier the money lands the more interest it saves.

Is this the same as the extra payments calculator?

It is the same math seen from the other end. The extra payments calculator starts from an amount and gives the date; this one starts from the date and gives the amount.

Sources

Every figure on this page comes from the pages below. Checked 2026-11-09. Rules change, so confirm with your own servicer.

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