Use a mortgage payoff calculator that includes current balance, interest rate, remaining term, and extra monthly payment
Enter your current mortgage balance
Enter your annual interest rate
Enter your remaining loan term
Enter your target payoff period as 5 years
Enter your regular monthly payment
Add extra monthly principal payments
Include any one-time lump-sum payments
Compare the required monthly payment to your current payment
Adjust extra payments until the calculator shows payoff in 5 years
Verify whether the loan has prepayment penalties
Recalculate after any rate change, refinance, or payment change
Use the calculator to estimate total interest saved
Check whether biweekly payments help reach the 5-year goal
Confirm all extra payments are applied to principal only