PMI Removal Calculator (Extra, Biweekly & Lump Sum)

Use this early mortgage payoff calculator to see how quickly you can become debt-free. Enter your balance, rate, and term, then compare extra monthly payments, a biweekly plan (26 half-payments ≈ 13 monthly), or a one-time lump sum. You can also set a payoff-by date, and the tool will solve how much extra per month is required. Your results include the new payoff date, months saved, interest saved, and a printable amortization schedule you can export.

How to use the mortgage payoff calculator

• Enter your loan balance, interest rate, and term.
• Choose an extra payment type (monthly, biweekly, or lump sum).
• Click 'Calculate' to see your new payoff date, months saved, and total interest savings.

 When Will PMI End With Extra Payments?

 Private Mortgage Insurance (PMI) can often be removed once your loan balance reaches 80% of the original home value. Extra payments reduce your balance faster, which means PMI may end months or even years earlier, saving you thousands.

 Example: An extra $200 per month could eliminate PMI 18 months sooner, saving $3,600 in premiums.

Biweekly vs. Monthly Extra Payments

 A biweekly plan makes 26 half-payments per year, equal to 13 full payments instead of 12. It shaves years off a mortgage. However, some lenders hold partial payments until the month-end, removing the benefit. In that case, adding 1/12th of your payment each month achieves the same savings.

 Do Extra Payments Trigger Penalties?

 Some lenders charge a prepayment penalty or limit fee-free overpayments (often capped at 10% per year on fixed-rate loans). Always check your loan agreement before making large extra payments.

 Tip: If your loan has a cap, split extra payments across the year to stay within limits.

 Mortgage Payoff Formula

 To estimate payoff time manually, divide your monthly principal reduction (with extra payments) into your remaining balance. Example:

• Balance: $200,000
• Monthly payment: $1,200 (principal + interest)
• Extra applied: $200
• New payoff ≈ 200,000 ÷ (1,200 + 200) = ~143 months (11.9 years)

The calculator automates this, accounting for changing interest.

Equity Timeline

• 90% LTV reached: Month/Year → “Good progress, still paying PMI.”
• 80% LTV reached: Month/Year → “At 80% LTV, you may request PMI removal.”
• 70% LTV reached: Month/Year → “Stronger equity position — lower risk if refinancing.”

Summary, charts & schedule

After you calculate, you’ll see a summary of your new payoff month/year, months saved, and total interest saved versus the baseline. Quick comparisons—like +$200/month or biweekly—instantly show which plan saves more. A balance-over-time chart helps you visualize progress, and the amortization table (monthly and yearly views) is ready to print (PDF) or download (CSV). If you need a dedicated, clean schedule outside of payoff scenarios, the Amortization Calculator generates a standalone printable table. When you want a standalone schedule outside payoff scenarios, amortization, for payoff strategies, keep testing scenarios in our mortgage payoff date calculator until the monthly number fits your budget.

Strategies that shorten your term

Extra monthly payments

Consistent extras—such as +$200 per month—go straight to principal, cutting interest and shortening your timeline without changing your regular due date.

Biweekly schedule

A biweekly plan collects 26 half-payments per year (≈ one extra full payment). This typically lowers total interest and trims the term, but confirm how your servicer credits partial payments.

Lump-sum payment

A lump sum (bonus, tax refund, equity proceeds) acts like an immediate principal curtailment. The earlier you make it, the larger the potential interest reduction. Use this calculator to compare lump-sum vs steady extras side by side.

Goal-seek to a date

Choose a deadline—e.g., pay off in 10 years—and the tool will solve the extra per month you need. If the number stretches your budget, check the House Affordability Calculator to rebalance housing costs against income and other debts.

How the payoff math works 

Payments on an amortized mortgage depend on principal, monthly rate, and remaining payments. Paying extra toward principal earlier lowers balance faster, which reduces future interest and shortens the term. A biweekly schedule usually simulates one extra monthly payment per year, delivering savings similar to steady monthly extras of comparable size.

Refinance vs. pay-extra—how to decide

Refinancing can reduce payment or term, but it may include closing costs and restart parts of the schedule. Run both options: model a refi in the Auto Refinance Calculator , then compare those results to an extra-payment plan here. To understand total borrowing cost, review the Mortgage APR Calculator (APR includes fees).

Methodology & assumptions

Calculations use standard amortization based on your balance, APR, and remaining term. Extra, biweekly, and lump-sum payments are modeled as principal reductions. We don’t assume rate changes, tax/insurance shifts, or additional fees. Biweekly savings are modeled as 26 half-payments per year; actual results depend on servicer application.

Disclaimer

This tool provides estimates for planning and education. Loan terms, prepayment rules, and fees vary. Confirm specifics with your lender or servicer before changing your payment strategy.