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How can I Payoff My Mortgage Early Without Refinancing? – Gwen

“Dear Steve,

I have a thirty year mortgage , that i am six years into . I owe 268,225.58.

I want to payoff the mortgage in 10 to 15 years . I want to know how to go by doing this without refinancing.


Dear Gwen,

It is actually easy to do this. All you have to do is regularly send in enough additional money in your payment and that will reduce the loan balance faster. Because the loan will be paid of years early you’ll also save tons of interest as well.

Here is at least one online calculator that can show you how much of an additional monthly payment you’d need to make to hit your target date.

Just remember, when using the calculator you can only use that part of your current mortgage payment that is for principal and interest for your current payment. Don’t add in the part that is for taxes and insurance if that is escrowed by your mortgage company.

You can probably also call your current mortgage company and customer service may be able to help you with a payoff date if you can tell them how much you want to pay additionally each month.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

See also  What You Need to Know Before You Refinance Your Home to Pay Off Debts

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


  • Hi Gwen, if you want to pay off your mortgage early, it is crucial to:
    1. make bigger repayments (as per Steve’s advice)
    2. make more frequent repayments.

    Those 2 are the key to becoming debt-free faster.

    If you are wondering how much interest and time you will save by making that extra repayment of X dollars, this is an amazing calculator to use:….

  • Gwen –
    You have 24 years to go, right? Keep in mind, even though rates were low 6 years ago, there’s a chance you can get still lower. A bank in my area advertises 4.5% for a 30 year mortgage, no points, no closing costs. If you can refinance with no fees, you might find the rate has been lowered enough that you can shift into a 20 year with no increase in payments.

    If you choose to keep the mortgage, keep in mind, when you make your payments, be sure to note the amount that’s extra principal. It doesn’t need to be the same amount each month, but an average $500 or so extra will cut it down to 15 years, while an extra $1200 or so will get it down to 10.

    Good luck to you!

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