Mortgage payoff strategies

Compare extra payments, refinancing, and opportunity cost

Fixed payment

Loan type

Payment type

Loan amount Interest rate (%)

Loan term (years)

Optional: If you have already started paying this mortgage, tap here (a more accurate result) 👇

Payments already made

Payments remaining

Enter a term to see this

PMI (monthly) Property tax (annual) Home insurance (annual)

PMI is common when the down payment is under 20%. Enter the monthly premium. Property tax and homeowners insurance are annual amounts, split across 12 months and added to the payment.

Extra principal payment (optional) Applied to principal with the next payment. Compares paying the loan off sooner with keeping the term and lowering the payment. Bi-weekly payments Pay half of the principal-and-interest payment every two weeks (26 payments a year). Interest compounds bi-weekly. The result shows the interest saved versus the monthly plan.

Additional principal payments Optional · yearly or one-time

Same extra amount every year

For a yearly bonus. Enter the amount, then choose the month and the first year. That extra is added in the same month every year after.

Amount each year

Starting year Month

Or add one-time payments. Payment numbers count from the first payment of the loan.

Opportunity cost Optional

The same cash is compared three ways: extra principal to shorten the term, extra principal to lower the payment, and monthly compounding until the original loan would have ended. Leave both fields blank to skip this.

Cash on hand Savings or investment APY (%)

Refinance Optional

The remaining term stays the same. Closing costs are paid once and are not added to the balance. Leave the rate blank to skip this.

New interest rate (%) Closing costs (optional)

Monthly housing payment

Principal & interest

PMI

Property tax

Home insurance

Total interest

Strategy comparison

Ranked by interest saved. Refinance is shown after closing costs. Green is best, blue is next, and red is worse than the original plan.

Rank	Strategy	Details	Interest saved

Charts

Remaining balance

Remaining interest

Lines start from the original plan's remaining interest, then drop by the interest they save. For an ARM, the initial-rate line is the same loan with no rate change. An extra principal payment makes that month drop in a straight line. The balance is zero once the loan is paid off.

Amortization schedule

The first column is the year and month, shortened as YYMM. 2609 means September 2026. If you entered a funding month, the first payment is the following month. Otherwise the latest payment already made is this month.

Export as

Long image CSV spreadsheet

Long image is selected by default. Choose CSV if you want a spreadsheet on a computer. The best strategy is checked for you.

Month	Amount	Principal	Interest	Balance

Disclaimer. This tool is only for personal math estimates and technical discussion. It is not financial, investment, or loan advice. Every number is entered by you. Your payment, interest, and loan terms are set by your lender.

Mortgage payoff strategies

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How many payments are already made?

From the remaining balance

From the start date

Strategy comparison