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Free Mortgage Payoff Calculator – How Fast Could You Pay Off YOUR Mortgage??

You paid off your credit cards, student loans, your car. You saved up a solid emergency fund and now you’re investing 15% for your retirement. Holy crap, you’re rocking it!! And now it’s time to start paying off your house! Woot woot!!

FYI – If you’re not quite up to this step yet (ie. you still have consumer debt), be sure to use this debt snowball tool for help! And then come back to this post when you’re in a better position to slay your mortgage!

How Fast Could You Pay Off Your Mortgage?

Alright, so now you’ve got a 15-year, a 30-year, or maybe even a 50-year mortgage (hopefully not though!). What if you started throwing some extra money at it? How quickly could you pay it off? I bet you’d be surprised!

Related: Should You Pay Off Your Mortgage Early?

In January of 2015, I made the decision to pay off my $54,000 mortgage. I flipped cars, I mowed lawns, and I wrote a ton of articles for fellow bloggers – basically, I did everything possible to make a buck.

The result?

I paid off my entire mortgage by December 11th, 2015. That’s right, it took me less than one year to plow through the mortgage…and it’s absolutely possible for you too!

AND, you’re in luck too. I’m so committed to YOU paying off YOUR mortgage, I made a downloadable mortgage payoff calculator to help you do it!

A 30-Year Mortgage Paid Off Crazy Early!

How old will you be in 30 years?

50? 60? 70?

Do you really want to wait that long to pay off your mortgage? I definitely didn’t, and I’m sure you really don’t either! Stop listening to those “wise investors” that claim you should keep your mortgage forever. They’re the quacks. Listen to your gut instead. It’s time to pay off the mortgage!

What if I told you that you could easily pay off your 30-year mortgage in just 13 years? You absolutely can! Check it out!

mortgage payoff calculator

Let’s say you have a…

  • $150,000 mortgage loan, with a
  • 4% interest rate, on a
  • 30-year mortgage

Your payment would be $716 a month.

What if, from the beginning, you pay an extra $500 a month? How quickly do you think you’d pay off your mortgage?

  • 5 years early?
  • 7 years early?
  • 10 years early?

Nope. It’s even better than that.

If you put an extra $500 on top of a $716 mortgage payment, you’d pay off  the entire mortgage almost 17 years early! Your 30 year mortgage would be paid off in just 13 years! BOOM!

So…paying less than double the mortgage payment will cut out more than double the time….Isn’t that CRAZY??

The Awesomeness of the Mortgage Payoff Calculator

If an extra $500 could pay off a 30-year mortgage in just 13 years, how quickly do you think you could pay off your mortgage?

Well let’s find out!

Click this link to download the Mortgage Payoff Calculator and you should see the Excel file pop up in the lower left-hand side of your screen. Simply click on the file, open it, and get started with your entries!

When the file opens, notice all the light orange cells – this is where you need to input information:

  • the mortgage interest rate
  • the term of the loan
  • the initial loan amount
  • the month and year the loan started
  • and the month and year you’d like to start making extra payments

When you’ve entered the info, simply click the “Calculate” button to see just how quickly you could pay off your mortgage!

mortgage payoff calculator with results

The blue-shaded areas of the mortgage payoff calculator will show you the results of your extra payments.

They’ll tell you:

  • when your mortgage will be paid off by
  • how many years you’ve saved with the extra payments
  • and the amount of interest money you’ll save!

If you’re not a big fan of reading, just look at the chart! The blue line shows the typical payoff rate (for the broke people of this world), and the orange line is your kick-butt mortgage payoff tracker! In the example above, you can visually see that adding $500 to a $716 payment cuts off 15 years or more!

So What Will You Decide?

So what about you? What will you do with the results of this mortgage payoff calculator?

Will you buckle down, pay off the mortgage, and then invest heavily until you’re ultra wealthy? Or, will you invest mildly, ignore the extra mortgage payments, and live a meager existence with the rest of this sad world?

If I were you, I’d choose option #1. In fact, I have…and it’s freaking fantastic!

What were the results of your mortgage payoff calculator? How fast will you pay off your mortgage?

Battle of the Mind Money Mortgage Payoff


My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.


  1. I’m looking forward to using your calculator! We just bought our house in October 2016 with a 30 year mortgage. We pay extra and are on track to pay the house off by the time our son is a senior in high school (so ~16 years), but I hope we will be able to use a combination of extra income or increased savings to reach that point even faster!

    • Awesome! Just keep thinking, “How could we pay this off faster?” and the ideas will come rolling. I bet you have it paid off in 10 years or less if you stick with it!

  2. Oh my gosh this calculator is so fun Derek thanks! I had been using Dave Ramseys online mortgage calculator but this is giving me that extra ompff!

  3. Oh you know what? I think the calculator is assuming you have not paid any additional down which I have so not sure how that changes the numbers. Still though, its a tool to use for those searching how paying extra will help.

    • You’re right. The tool assumes that you haven’t paid any extra yet. I could have included it, but I figured that would have over complicated things for my readers.

      If you paid $200 extra a month for the past 2 years, you just just enter today’s date as 2 years ago and insert the $200. I’m sure your situation isn’t perfect, but this way you could get a better idea of your payoff date with this tool.

      OR, you could enter your current mortgage balance and the term you have left and then go from there. That should work too!

  4. I agree 100%. I don’t understand why people don’t pay there mortgages off early. The argument is usually that they can make more money investing. Maybe, but they’ll have this massive debt burden on their shoulders. I prefer to have no debt. This frees my mindset from worry and allows me to laser focus on investing. I’m in a 15-year mortgage that’s 5 months old. I used a similar spreadsheet to determine a 60 month payoff. I’m treating it like a car loan. Thanks for taking the time to create your spreadsheet. I’ll try it out right now.

    • It all became pretty clear to me when I was studying Robert Kiyosaki’s teachings on real estate investing. Basically, it was all about cash flow. If you earn more money than you pay out, then you’re winning. In the book, he gave the example of earning $300 above and beyond the mortgage on each house. If you own 10 houses, you’d be earning $3,000 a month free and clear and could likely retire from your job.

      ….It sounds great and all…until you realize that you’d have nearly $2,000,000 in debt hanging over your head… That would Stress. Me. Out! So, if my gut told me that debt was bad at $2 million, then wouldn’t it also be bad at $100,000?

      I don’t care what everyone else says, I’m going the debt free route.

      Hope you loved the spreadsheet! Tackle that mortgage with a vengeance! You won’t regret it!

  5. I’m not quite to the mortgage pay off part of eliminating debt yet…do you have the beginner version that tells you how quickly you could pay off a car or a credit card? Hah!

    Jokes aside, the realization of how much money can be saved by paying interest-bearing debts off faster is simply mind blowing. I don’t think the average home owner really understand the amount of money they will lose to interest over 30 years.

    Thanks for sharing!

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