Use the bi-weekly loan payment calculator below to see the difference this payment method can make in retiring your loan early.
By making bi-weekly payments you will make 26 half payments or 13 full payments every year. As a result that one extra payment will help you pay off your loan faster and save you money on interest.
How to use the calculator:
Fill in the required fields and click on the “Calculate” button to see the results. Here’s what each of the fields means:
- Loan Amount: the total amount of money that you are authorized to borrow.
- Loan Term: the total length of your loan, expressed in months.
- Annual Interest Rate: the amount you pay every year to borrow money, including fees, expressed as a percentage.
- Months to payoff: how many months are left until the loan is fully paid.
- Total Interest: the total amount of money paid in interest.