Calculate Payoff Time with Extra Payments

Every extra dollar applied to principal permanently reduces the compounding balance. To calculate the exact time saved, the amortization formula recomputes the number of remaining periods: N = -ln(1 - (P x r) / Payment) / ln(1 + r), where 'Payment' includes your extra regular contribution—explore full worked examples in How Extra Principal Changes Payoff Time or Extra Principal Formula Guide.

On a typical 30-year mortgage at 6.5% to 7.5%, increasing your monthly payment by approximately 40% to 50% (e.g. paying $2,800 instead of $2,000) will cut your 30-year mortgage down to under 15 years. Work backward from an exact target debt-free date using our Loan Payoff Goal Calculator.

Yes! By making half-payments every two weeks (26 half-payments = 13 full payments per year), you automatically make 1 extra full payment each year—test that schedule directly in our Bi-Weekly Mortgage Calculator or compare Loan Payoff with Extra Payments.