🏠 Mortgage Payoff

Shave years off your mortgage

A little extra principal goes a long way on a 30-year loan. Compare every strategy and decide whether early payoff beats investing for you.

Run my numbers

Seven ways to pay it off early

Extra principal each month, one extra payment a year, biweekly payments, lump sums, recasting and refinancing to a shorter term all work. Our full comparison shows the trade-offs. See how much time extra principal saves and what one extra payment a year does.

Biweekly, recast or refinance?

Biweekly payments sneak in a 13th payment each year. A mortgage recast lowers your payment after a lump sum without a new loan. Refinancing changes the rate and term; compare a 15-year vs. 30-year loan before you decide.

Should you even pay it off early?

It depends on your rate, your other debts and your retirement savings. Read pay off the mortgage or invest. Heard about velocity banking? Our explainer on using a HELOC to pay off a mortgage covers the risks.

Always pay higher-rate debt like credit cards before putting extra toward a low-rate mortgage.

All mortgage payoff guides

What One Extra Mortgage Payment a Year Does
See what one extra mortgage payment a year does on a $300,000 loan: years cut, interest saved, and…
15-Year vs. 30-Year Mortgage: Total Interest Compared
15 vs 30 year mortgage: see illustrative payments and total interest on a $300,000 loan, and how a…
Mortgage Recast vs. Refinance: Which Lowers Payments Better?
A mortgage recast lowers your payment after a lump-sum payment without changing your rate. See how it works,…
Biweekly Mortgage Payments: Do They Really Save Money?
Biweekly mortgage payments can save thousands in interest, but only because of one extra payment a year. See…
Extra Mortgage Principal Payments: How Much Time and Interest You Save
Use this extra principal payment calculator guide to see how $100, $200 or $500 a month cuts years…
How to Pay Off Your Mortgage Early: 7 Strategies Compared
Compare 7 ways to pay off your mortgage early: extra principal, biweekly payments, recasting, refinancing, lump sums and…