Payoff Time Reduction Calculator

Cut payoff time with smarter payment choices. See monthly, biweekly, or weekly impact instantly here. Track interest savings and download a clear schedule report.

Enter Your Details

Total amount you still owe.
Nominal APR, applied per payment period.
Frequency impacts payoff date and interest accrual.
Your typical payment each period.
Added every period in the accelerated plan.
Applied once per year at the first payment.
Increases recurring payment at each new year.
First payment date for schedules.
Rounding may slightly change the last payment.

Optional one-time lump sum

Extra payment applied once on the selected date.
Applied on the next scheduled payment date.
Controls how the comparison is built.
Keep baseline “pure” or include annual boosts.
Safety limit to avoid endless schedules.
Reset

Example Data Table

Balance APR Frequency Regular payment Extra recurring Annual extra Typical outcome
15,000 18.5% Monthly 420 80 250 Earlier payoff, lower interest, and a shorter schedule.
8,500 14.9% Biweekly 210 40 0 Faster reduction from more frequent payments.
32,000 9.9% Monthly 650 0 500 Annual boosts can cut total interest meaningfully.
These rows are examples. Your results depend on your inputs.

Formula Used

Periodic interest rate
r = (APR ÷ 100) ÷ payments_per_year
For monthly payments, payments_per_year = 12. For biweekly, 26. For weekly, 52.
Amortization step
interest = balance × r
principal = payment − interest
new_balance = balance + interest − payment
Extra payments increase “payment,” reducing balance sooner and lowering future interest.
If your payment is less than or equal to the period’s interest, the balance may not decrease. The calculator warns you and may stop early based on your settings.

How to Use This Calculator

  1. Enter your balance, APR, and payment frequency.
  2. Set your regular payment to model the baseline plan.
  3. Add extra recurring, annual extra, and optional lump sum.
  4. Click Calculate to view summary and schedules.
  5. Download CSV for full schedules, or PDF for sharing.
Tip: Try a small recurring extra first. Even modest increases often produce noticeable interest savings.

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Important Note: All the Calculators listed in this site are for educational purpose only and we do not guarentee the accuracy of results. Please do consult with other sources as well.