Mortgage Payoff Goal
What does it take to be mortgage-free by year X?
Pay this much extra each month
$686
Add $686/month to your regular $2,363 P&I (so total $3,049/month) and you'll be debt-free in 15 years, saving $160,170 in lifetime interest.
Current monthly P&I
$2,363
to finish in 25yr 0mo
Required monthly P&I
$3,049
to finish in 15 yrs
Extra needed each month
$686
+$686/mo on top of regular
Lifetime interest saved
$160,170
$358,968 → $198,798
Years saved
10yr 0mo
vs current schedule
What if you just pay $100 or $500 extra?
+$100/mo extra: payoff in 22yr 8mo (saves 28 months vs schedule)
+$500/mo extra: payoff in 16yr 9mo (saves 99 months vs schedule)
Should you actually do this? Compare the guaranteed return (your mortgage rate) vs what you could earn investing the extra elsewhere. The Pay Off vs Invest calculator does that comparison directly. For most post-TCJA borrowers (who don't itemize), the mortgage rate IS the after-tax return — quite competitive vs bonds, less obvious vs stocks.