Home Buying

Mortgage Payoff Accelerator

See how much extra you'd need to pay each month to turn a 30-year mortgage into a 15-year one, and how much interest that saves.

Estimate only — not advice. This tool provides a simplified, general estimate for educational purposes. It is not financial, tax, or legal advice, and it is not affiliated with the IRS, the Social Security Administration, or any lender. See our full disclaimer for what this calculator does and doesn't account for.

What this estimate assumes

Your current monthly principal & interest payment is calculated from the standard fixed-rate amortization formula, using your remaining balance, rate, and remaining term — not what you're actually paying today, which may already include extra principal.
The "extra needed" figure is the flat additional amount, on top of that calculated payment, added every month for the full payoff goal — real budgets fluctuate, so treat it as a target to aim for rather than an exact bill.
This assumes every extra dollar goes straight to principal with no prepayment penalty — most home mortgages don't have one, but a small number of loans do, so it's worth checking your note.
It doesn't account for refinancing into a shorter-term loan at a different rate, which is a separate way to get the same result and worth comparing with your lender.