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Mortgage Payoff Accelerator: how it works
Runs your loan's amortization schedule twice — once as-is and once with your extra payments (biweekly paying adds roughly one extra monthly payment per year) — and compares total interest and payoff dates.
Step by step
- Each month: interest accrues on the balance, then your payment plus any extra reduces it.
- Interest saved is the difference between the two schedules' total interest.
The math
Standard amortization (public domain); biweekly ≈ payment × 13/12 monthly equivalent.
Sources
- Standard amortization mathematics (public domain).