Bi-weekly Loan Calculator with Payment Frequency Comparison

Bi-Weekly Loan Calculator Sign

This 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).

Note that 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.

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Bi-Weekly Loan Calculator

Calculate bi-weekly loan payment and compare the interest costs with other repayment frequencies.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Loan amt:Loan amount:Loan amount:Amount you are looking to borrow:

Amount you are looking to borrow:

Enter the amount you are looking to borrow, without the dollar sign or commas. This is otherwise referred to as Principal.

$
Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate of the loan:

Enter the interest rate of the loan expressed as a percentage, but without the percent sign (for 6.5%, enter 6.5).

%
# of years:Loan term years:Loan term in years:Number of years to pay back the loan:

Number of years to pay back the loan:

Enter 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:

Date of first payment:

Select the month, day, and year you plan to make your first biweekly payment. The calculator will use this date to create a 1st year payment schedule.

Schedule:Pmt Schedule:Amortization schedule:Amortization schedule preference:

Amortization schedule preference:

Select your preference for including an amortization schedule in the results: None, Yr 1 only, or Full.

Bwkly pmt:Biweekly pmt:Bi-weekly payment amount:Bi-weekly payment amount:

Biweekly payment amount:

Based on your entries, this is how much your biweekly payment will be for the duration of the loan repayment.

# of pmts:Number of pmts:Number of payments:Number of payments:

Number of payments:

This is the number of years multiplied by 26 (the number of two-week periods per year).

Total pmts:Total payments:Total of all payments:Total of all payments:

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).

Principal:Total principal:Total principal repayment:Total principal repayment:

Total principal repayment:

This is the same as the loan amount you entered in the top section of the calculator.

Interest:Total interest:Total interest charges:Total interest charges:

Total interest charges:

This how much you will end up paying in interest charges to your lender from your first to last payment.

Est payoff:Estimated payoff:Estimated payoff date:Estimated payoff date:

Estimated payoff date:

This is the estmated date of the final bi-weekly payment.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Tip

Why biweekly is cheaper, but not the cheapest.

Biweekly is Usually Cheaper

Given the same repayment time-frame and loan interest rate, choosing a bi-weekly loan over other popular loan repayment frequencies will usually result in the lowest interest cost. That's because the balance that the interest is charged on is declining more often.

To understand why increasing loan repayment frequencies reduces interest costs -- all other terms being equal, think of a loan as the lender renting the use of each dollar bill they borrow to you. This means that the sooner you return a dollar bill you are renting, the less rent you will be charged on that dollar.

For example, if you are making annual payments, then you will be renting the same number of dollars during the entire year -- giving the lending institutions more time to charge you rent on each dollar.

On the other hand, if you return a portion of the rented dollars periodically throughout the year, the rent you will be charged will be less than the rent charged on the annual payment frequency. And the faster you return the dollars, the lower your annual rental charges will be.

The Best of All Payment Frequencies

What is the cheapest of all payment frequencies? Biweekly? Weekly? Daily? No, it's actually ...

Once(ly)!

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.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.