Mortgage Payoff Calculator
See how extra payments can help you pay off your mortgage faster and save on interest.
Enter mortgage details to see payoff savings
How Extra Payments Work
Making extra payments directly reduces your principal balance, which in turn reduces the interest charged each month. This creates a snowball effect — as your balance drops faster, more of each regular payment goes to principal, accelerating payoff.
Tips to Pay Off Mortgage Faster
• Add a small amount to each monthly payment (even ₹1,000 extra makes a difference over 20 years)
• Make one extra full payment per year (the 13th payment)
• Apply bonuses, tax refunds, or windfalls directly to the principal
• Refinance to a shorter term if interest rates drop
FAQs
On a ₹50 lakh mortgage at 8.5% for 20 years, just ₹5,000 extra per month can save over ₹15 lakh in interest and cut the payoff time by 5+ years. The earlier you start making extra payments, the more you save.
If your mortgage rate is higher than your expected investment return (after tax), paying down the mortgage makes more sense. If your investments earn more than the mortgage rate, investing may be better. Consider your risk tolerance and peace of mind too.