Should You Pay Off Your Mortgage Early?
Extra payments can save tens of thousands in interest — but they aren't always the best use of your money. The trade-offs, laid out.
Last updated: 2026-07-20
Paying a mortgage off early is one of the most satisfying financial goals, and it can save a striking amount of interest. But whether it's the right move depends on your rate, your other options, and your peace of mind.
How extra payments help
Every dollar of extra principal skips all the future interest that dollar would have accrued. Because early payments hit when the balance — and thus interest — is highest, extra payments in the first years of a loan save the most. Even a modest amount added monthly can cut years off the term.
Biweekly payments: the painless method
Paying half your monthly amount every two weeks results in 26 half-payments a year — the equivalent of 13 monthly payments instead of 12. That single extra payment each year can shave several years and a large chunk of interest off a 30-year loan, without feeling like a big change.
When not to rush
- If your mortgage rate is low, investing the extra money may earn more than the interest you'd save.
- Always fund an emergency fund and any employer 401(k) match first — those come before extra mortgage payments.
- High-interest debt (credit cards) should be cleared before overpaying a low-rate mortgage.
See exactly what extra or biweekly payments would save you with the calculators below.