Mortgage Payoff Calculator · Practical guide
How to Pay Off Your Mortgage in 15 Years
You do not need to refinance into a 15-year loan — a fixed extra payment each month gets you there.
At a glance
The Short Answer
To turn a 30-year, $280,000 mortgage at 6.5% into a 15-year payoff, raise your monthly payment from $1,769.79 to $2,439.10 — an extra $669.31 per month. Total interest falls from about $357,125 to roughly $159,038, saving nearly $198,000.
Interactive tool
Mortgage Payoff Calculator
Enter your own values, then compare the result with the examples below.
Results
| Scenario | Payoff Time | Total Interest | Total Paid |
|---|
What Different Payoff Targets Require
| Payoff Target | Monthly Payment | Extra per Month | Total Interest |
|---|---|---|---|
| 30 years (baseline) | $1,769.79 | $0 | ~$357,125 |
| 20 years | $2,087.60 | $317.81 | ~$221,025 |
| 15 years | $2,439.10 | $669.31 | ~$159,038 |
| 10 years | $3,179.34 | $1,409.55 | ~$101,521 |
Extra Payments vs. Refinancing to a 15-Year Loan
Paying extra on your current 30-year loan reaches the same finish line without closing costs, and you keep the flexibility to drop back to the lower required payment in a tight month. Refinancing can win if the 15-year rate is meaningfully lower — often by half a point or more — but compare the fees against that saving first.
Making the Extra Payment Stick
- Automate it: set up a recurring transfer labeled "apply to principal."
- Start smaller if needed — even $317.81 a month reaches a 20-year payoff.
- Confirm there is no prepayment penalty; FHA, VA, USDA, and qualified loans generally cannot charge one.
Frequently Asked Questions
Does paying extra change my required monthly payment?
No. Your required payment stays the same; the extra amount simply shortens the loan. Only recasting or refinancing lowers the required payment.
Is a 15-year refinance cheaper than extra payments?
It can be, because 15-year rates usually run 0.25 to 0.75 points lower. Weigh the lower rate against closing costs of 2% to 5% of the loan before switching.
What if my loan is already a few years old?
Use your current balance and remaining timeline. The calculator above starts from today's balance, so enter what you owe now rather than the original loan amount.
Should I empty savings to pay off the mortgage faster?
Generally no. Keep a 3–6 month emergency fund first — home equity is hard to access quickly if you lose income or face a large expense.