Enter what you owe now, your rate and how long is left on the loan. Then try an extra monthly payment, a one-time payment, biweekly payments or all three, and see your new payoff date and the interest you'd save. It's free, there's no sign-up, and nothing is saved unless you send it to Dave.
Your current principal balance, from your latest mortgage statement.
A 30-year loan you've paid for 3 years has 27 years left.
A bonus, tax refund or savings you'd put toward the loan.
Half your payment every two weeks adds up to one extra payment a year. Check that your servicer applies it to principal.
Each option on its own
| Option | Payoff date | Time saved | Interest saved |
|---|---|---|---|
| As scheduled $2,098 a month, no extra | Nov 2053 | - | - |
| Extra each month $200 more per month | Jul 2048 | 5 yrs 4 mo | $82,544 |
| One-time payment Enter an amount above to include | - | - | - |
| Biweekly payments Check the box above to include | - | - | - |
Principal and interest only; your taxes and insurance don't change. Assumes a fixed rate, payments made on schedule, and every extra dollar applied to principal. Some loans have prepayment terms, so check with your servicer. Estimates only, not financial advice.
Send these numbers to Dave
Thinking about paying it down before you sell, or weighing it against a move? Dave can show you what your home's worth today and what you'd walk away with. Your results are already filled in below.
Questions About Early Payoff Calculator
Is it better to pay extra each month or make one big payment?
Dollar for dollar, money paid earlier saves more interest, so a lump sum today beats the same total spread out later. Extra each month is easier to keep up and adds up over time. The calculator shows both on their own and together.
Do biweekly payments really pay off a mortgage faster?
Yes. Paying half your payment every two weeks makes 26 half-payments a year, which is one extra full payment. On a typical 30-year loan that takes several years off. Confirm with your servicer that the extra goes to principal, and skip any paid biweekly program, since you can make the extra payment yourself for free.
Does paying extra lower my monthly payment?
No. On a standard fixed-rate loan your required payment stays the same; extra principal shortens the loan instead. Some servicers will recast the loan to a lower payment after a large lump sum, usually for a fee.
Should I pay off my mortgage early or keep the cash?
It depends on your rate, your emergency savings and what else you could do with the money. A low-rate loan often costs less than what savings or investments could earn, while a higher-rate loan makes extra payments more appealing. Talk with a financial advisor about your situation.
Does paying down my mortgage help when I sell?
Every dollar of principal you pay is a dollar more you keep at closing, since the payoff comes out of the sale. It doesn't change your home's value. Dave can show you what your home is worth today and estimate your net.
About These Estimates
The calculator uses standard fixed-rate mortgage math, month by month, and assumes every extra dollar goes to principal. It covers principal and interest only, not taxes, insurance or mortgage insurance, and doesn't apply to adjustable-rate loans. This is general information, not financial advice.