Mortgage Payoff Calculator

Mortgage payoff refers to completing your mortgage payments either through:

• Regular monthly payments over the loan term
• Extra payments to reduce the principal faster
• Lump-sum payment to clear the remaining balance
• Bi-weekly payments to make an extra payment annually

Extra payments can significantly impact your mortgage by:

• Reducing the total interest paid over the loan term
• Shortening the time to pay off your mortgage
• Building equity in your home faster
• Providing flexibility in financial planning

Bi-weekly payments offer several advantages:

• You make 26 half-payments instead of 12 full payments
• Results in one extra full payment per year
• Reduces the loan term and total interest
• May align better with your pay schedule

Consider these factors when deciding:

• Your current interest rate versus potential investment returns
• Other debt obligations and their interest rates
• Your emergency fund and retirement savings status
• Potential tax implications and benefits