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Mortgage Payoff Plan

Put part of each pay rise toward your mortgage principal and watch years disappear from your loan. Enter your mortgage and expected raises to see your year-by-year plan.

These numbers are estimates only and may not be accurate. They depend on your real interest rate, credit, income and the home's actual taxes and insurance. Contact us for accurate figures; it's free and there's no obligation. The starting interest rate (6.5%) is an example only, not a quote: your rate depends on your credit, loan type, down payment and the market, and can be higher or lower. Change it to see the difference.

Your mortgage today

Your pay rises

Your plan, year by year

YearExtra per monthInterest paidBalance left

What's next?

Should I refinance?A lower rate can speed things up.Go →Pay off higher-rate debtExtra Credit (HELOC) savings.Go →Track your home valueA free report every month.Go →

Free Mortgage Payment Reduction Plan

Each month we'll email you your estimated balance, the interest your extra payments have saved so far, and your new payoff date, worked out from the figures you give us. Estimates only.

By joining you agree to receive these monthly emails. Unsubscribe any time with one click.

Common questions

How can I pay off my mortgage faster?

Pay a little extra toward principal regularly. One painless way is to put part of each pay rise toward the mortgage: you never miss money you weren't used to having, and the extra grows each year.

Does paying extra principal really save much?

Yes, because interest is charged on the remaining balance. Every extra dollar of principal stops interest being charged on it for the rest of the loan. Early in the loan the effect is largest.

Are there any catches?

Check that your loan has no prepayment penalty (most home loans today don't). Make sure extra payments are marked "principal only". And keep an emergency fund before paying extra, because money paid into the house is harder to get back out.

Should I use a paid biweekly program?

You don't need one. Some companies charge fees to manage extra payments, but you can make extra principal payments yourself for free.

Educational estimate. Assumes extra payments go to principal and the rate stays the same. Check your loan for prepayment terms. This plan is free; there is no charge or program to join.

Saving as a homeowner: step 3 of 5

Your next step: Use your equity

Extra Credit savings.

Use your equity → Or ask Bill

Get your personal payoff plan

We will send you a personalized plan and a private link you can update each year when you get a raise.

Bill McElhill

Bill McElhill

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Educational information only. This page gives general information to help you learn and plan. It is not legal, tax, financial or other professional advice, or an offer to lend. For advice on your situation, talk to a licensed professional. Terms of use

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