Mortgage Payoff Calculator: Extra Payments and Biweekly Savings
By the CallARealtor team · Published November 3, 2026 · Updated November 3, 2026
How fast can you pay off your mortgage?
Example numbers are filled in. Change any of them and results update instantly.
Want help from a local agent?
Talk to a local agent →Free, no obligation. CallARealtor is not a brokerage or lender.
CallARealtor is an independent information site, not a real estate brokerage or lender, and is not affiliated with the National Association of REALTORS®. Results are estimates for planning, not loan offers or financial advice.
How it works
We build two amortization schedules for your remaining balance: one with your regular payment and one with your extra payments added to principal. The difference in months and total interest is your savings. Biweekly is modeled as one extra monthly payment a year, spread across the year (26 half-payments = 13 monthly payments).
Before you prepay
- Ask your servicer to apply extra money to principal, and check for a prepayment penalty.
- Some companies charge fees for biweekly programs. You can usually get the same result for free by adding 1/12 of a payment each month.
- Paying down a PMI loan faster can also let you request PMI removal sooner.
Frequently asked questions
Is it better to pay extra monthly or once a year?
Monthly extra payments save slightly more interest because they reduce the balance sooner, but the difference is small. Pick what fits your budget.
Do biweekly payments really save money?
Yes, because you end up making about 13 monthly payments a year instead of 12. Watch out for programs that charge fees for this.
Should I pay off my mortgage early or invest?
It depends on your rate, other debts, emergency savings and goals. A financial professional can help you weigh it.