This free online Bi-weekly Loan Calculator will calculate the payment amount and total interest charges for a biweekly loan, and then present you with the first year payment schedule.
Plus, the calculator will also help you to compare the payments and interest charges to other payment frequencies (monthly, bi-monthly, quarterly, semi-annually, and annually).
If you have an existing loan that you are making monthly payments on and you would like to see how much you could save by switching to a biweekly payment method (making 26 half-payments per year), please visit the Biweekly Loan Payment Calculator.
In most cases choosing a bi-weekly loan over other popular loan repayment frequencies will result in the lowest interest cost. That's because the balance the interest is charged on is declining more often.
For example, if you are making annual payments your principal balance will be the same amount for an entire year -- giving the lending institutions more time to charge you interest on a higher balance.
In other words, if you save up and pay cash for the item you are considering purchasing you will only end up making one payment and you will end up paying $0.00 in interest charges.
In my opinion, if you don't want a non-essential product bad enough to save up and pay cash for it, you don't want it bad enough to be purchasing it in the first place.
With that, let's use the bi-weekly loan calculator to calculate your biweekly payment and interest charges, and then compare those results to other loan repayment frequencies.
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Amount you are looking to borrow: The amount you are looking to borrow, otherwise referred to as Principal.
Annual interest rate of the loan: The annual interest rate you are being charged for the loan. Enter as a percentage (for .06, enter 6%).
Number of years to pay back the loan: The number of years you would like to spread your biweekly payments over. The longer you take to pay back the loan, the more of your hard earned money will go toward paying interest charges to the lender.
Date of first payment: The month, day, and year you plan to make your first biweekly payment. The bi-weekly loan calculator will use this date to create a 1st year payment schedule.
Biweekly payment amount: Based on your entries, this is how much your biweekly payment will be for the duration of the loan repayment.
Number of payments: This is the number of years multiplied by 26 (the number of two-week periods per year).
Total of all payments: This the combined total of all of your biweekly payments from your first to last payment (# of years X 26 X payment amount).
Total principal repayment: This is the same as the amount you borrowed.
Total interest charges: This how much you will end up paying in interest charges to your lender from your first to last payment.
Estimated payoff date: This is the estmated date of the final bi-weekly payment.