How Fast Can You Pay Off Your Mortgage?
See how extra payments accelerate your mortgage payoff. Calculate interest saved and years cut.
The Power of Extra Payments
Extra mortgage payments go entirely to principal — bypassing interest. On a $280,000 mortgage at 6.5%, an extra $300/month saves $95,000+ in interest and pays off the loan 8-9 years early. Even $100/month extra saves $35,000+ and cuts 3-4 years. The earlier in the loan you start, the bigger the impact because more of each payment is interest.
Best Extra Payment Strategies
Bi-weekly payments: Pay half your monthly payment every 2 weeks. This results in 26 half-payments (13 full payments) per year instead of 12 — one extra payment annually with no lifestyle change. Round up: Round your payment to the next $100 ($1,770 becomes $1,800). Annual lump sum: Apply tax refunds, bonuses, or windfalls directly to principal.
Making one extra mortgage payment per year (either through bi-weekly payments or a lump sum) typically pays off a 30-year mortgage in 24-25 years and saves 15-20% of total interest. This single strategy saves the average homeowner $40,000-80,000 over the life of the loan.
