Debt Restructuring Calculator

An easy way to speed up debt repayment and save on interest payments

It’s a simple, relatively unknown way to quickly eliminate debt – switching from a monthly payment schedule to a bi-weekly payment schedule. What’s the difference? It actually means that you make two extra payments per year, which helps you eliminate debt faster and therefore spend less time paying interest.

Here’s how it works:

With a monthly payment schedule, you make 12 payments in a year.
If you switch to bi-weekly payments, the payment amount is around half of what you pay on a monthly schedule.

BUT, when paying bi-weekly, you make 26 payments in a year (52 weeks, divided by 2).

So, while you may not notice a difference because your payments are roughly half of what you pay on a monthly schedule, you will be paying “half” payments 26 times, instead of 12 monthly “full” payments (equaling 24 “half” payments). You’ll be paying more debt off each year.

Expediting your debt repayment will mean less time for interest to be added.

This strategy can mean a huge difference on big loans like mortgages or even credit cards. On an auto loan with a 4-year term, you could finish paying the full amount off in the first few months of that last year. With a mortgage, you could save yourself years of repayment, which would save thousands of dollars in added interest.

The calculator below will show you the value of switching to a bi-weekly payment schedule on a single line of credit. If it seems like a good option, try calling your lender to see if they’ll allow you to make the adjustment.

Please note that this strategy is meant to save you money over the long term, by shortening the repayment period which will cut down on interest. You may actually spend more in the short term, but debt restructuring may allow you to do so in a way that comfortably fits your budget. For more information, speak to a trained credit counsellor today at or complete our Free Debt Analysis form to request help online.