How Many Extra Payments to Pay Off a Mortgage?

Are you thinking of paying off your mortgage sooner? It's a smart move to save significant money on interest costs. You can expedite your mortgage payoff and reduce overall interest expenses by making additional principal payments. The question is, how many extra mortgage payments are needed to achieve this goal?

The Benefit of Extra Mortgage Payments

When you make standard payments on a 30-year mortgage, a small portion goes toward reducing the monthly loan principal. At the same time, the majority covers interest costs—opting for occasional extra payments channels more funds directly to the principal reduction.

 This accelerates loan repayment, resulting in a substantial decrease in total interest over time. An additional $100 monthly can make a notable difference, shaving years off your mortgage and accumulating significant interest savings. The compounding effect grows stronger the earlier you start making extra payments.

How Many Extra Payments Can Be Pay Off in 15 Years?

Imagine you have a 30-year mortgage but aim to pay it off in just 15 years. How many extra payments does that entail? A 30-year mortgage involves 360 total monthly payments.

To achieve a 15-year payoff instead, you'd need to make 180 total payments. Therefore, you'd have to make 180 additional principal-only payments to settle a 30-year loan in 15 years. While this may translate to an extra $15,000–$30,000 over the shorter 15-year period, you also avoid 15 years of monthly payments and interest charges.

How Many Extra Payments Should I Make in 10 Years?

Let's consider a scenario with a $250,000 balance at 4% interest over 30 years. If you aim to pay off this amount in ten years instead of 30, A standard 30-year mortgage involves 360 total payments.

Paying off in 10 years means making only 120 payments. Therefore, you'd need to make 240 extra principal-only payments over the ten years. Despite the roughly $50,000 extra payments, you'd save around $90,000 in interest and own your home 20 years faster!

How Many Additional Payments Per Year?

The approach varies depending on whether you prefer an annual extra payment rather than a monthly one. Aim for 15 extra costs for a 15-year payoff on a 30-year loan.

Target 20 extra payments for a ten-year payoff. A 20-year payoff requires ten additional payments. The crucial aspect is ensuring at least one extra full annual mortgage payment dedicated to principal reduction.

Calculating Payments for Any Payoff Timeframe

To calculate the extra payments needed for a specific payoff timeframe, Identify your loan's total payments (usually 360 months for a 30-year term). Divide by 12 to get the full years (360 months = 30-year term). Subtract your target payoff timeframe in years (e.g., 30 years minus 15 years = 15 extra years). Multiply the remaining years by 12 to find the additional payments needed (15 years x 12 months = 180 extra fees). This formula applies to various payoff goals in 5, 10, 15, or 20 years.


Making consistent additional principal payments requires discipline. However, the long-term benefits of mortgage paydown and interest savings make it a worthwhile financial strategy. Utilize a mortgage calculator to witness the substantial impact extra payments can have on accelerating debt elimination.

Try our Amortization Calculator