Mortgage Payoff Calculator — Pay Off Your Home Early
See how extra payments can shave years off your mortgage and save you thousands in interest.
Calculator Inputs
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Key Facts
Updated April 2026
- Even $100/month extra on a $300K mortgage saves $50,000+ in interest
- Biweekly payments make 13 payments per year instead of 12
- Canadian mortgages typically renew every 5 years — plan extra payments around renewal
- Check for prepayment penalties before making extra payments
- Applying your tax refund as a lump sum each year accelerates payoff significantly
Pro Tips
If your mortgage rate is below 5%, investing extra payments at 8% historically earns more than prepaying. Consider your risk tolerance.
Round up your payment to the next $100 — small increases add up dramatically over decades.
Specify that extra payments go to PRINCIPAL, not future payments. Call your servicer to confirm.
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