How to Pay Off Your Mortgage in 10 Years

Paying off a 30-year mortgage in 10 years means making much larger payments than required—either by increasing the amount each month or by making extra principal payments.

Two main approaches

Refinance to a 10-year term – You get a new loan with a 10-year term. Your required payment is higher, and you pay less total interest if the rate is similar or lower.
Keep your current loan and pay extra – Keep the same term but add extra principal each month. The loan pays off early; how early depends on how much extra you pay.

Use our extra payment calculator to see how much extra you’d need to pay each month to pay off your loan in 10 years (or any target date).

Example

Suppose you have a $300,000 loan at 6.5% for 30 years. Your regular payment is about $1,896 (P&I). To pay it off in 10 years, you’d need to pay roughly $3,400 per month in principal and interest—so about $1,500 extra per month toward principal. The calculator gives the exact number for your balance and rate.

Things to consider

Budget – Make sure the extra payment doesn’t leave you short for emergencies or other goals.
Prepayment penalty – Most conventional US mortgages don’t have one, but check your note.
Other goals – Sometimes investing or saving elsewhere is a better use of extra cash; it depends on your situation.

Bottom line

Use our extra payment calculator to see how much to add each month to hit a 10-year payoff. Then decide if that fits your budget and goals. This is for informational purposes only and not financial advice.