Calculator · Florida
Early payoff calculator
Extra principal is the highest-certainty return available to most homeowners — a guaranteed, tax-free return equal to your mortgage rate. This shows exactly what any given amount buys you in years and interest.
How much do extra mortgage payments save?
Every extra dollar of principal removes all the future interest that dollar would have carried, so the saving compounds heavily early in the loan. A few hundred a month on a 30-year mortgage commonly removes six or more years and six figures of interest.
Interest you'd never pay
$0
and you'd own it free and clear — sooner
- Scheduled payoff—
- Accelerated payoff—
- New monthly outlay$0
Accelerated balance vs. scheduled balance
Confirm with your servicer that extra funds are applied to principal — many apply them to the next payment by default, which achieves nothing. Before accelerating, compare the guaranteed after-tax return of your mortgage rate against paying off higher-rate debt, funding an emergency reserve, or capturing an employer retirement match.
Questions about this calculator
Do biweekly mortgage payments really work?
Yes, but not magically. Twenty-six half-payments a year equals thirteen monthly payments — one extra. You can get the identical result for free by adding one twelfth of a payment to principal each month, which is why paying a biweekly service is rarely worth it.
Should I pay off my mortgage early or invest?
Paying down the mortgage is a guaranteed, tax-free return equal to your interest rate. Compare that against higher-rate debt first, an emergency reserve second, and any employer retirement match third — the match usually wins outright.
Will my servicer apply extra payments to principal?
Not always by default. Many apply extra funds to the next scheduled payment instead, which achieves nothing. Confirm in writing that extra amounts are applied to principal.
Where this applies
Related loan programs
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