Biweekly Loan Payment Calculator: For Calculating Bi-Weekly Savings

Biweekly Loan Payment Calculator Sign

This calculator will calculate the time and interest you will save by switching from making monthly loan payments to bi-weekly loan payments.

The results include a time-and-interest comparison chart along with a bar graph that visually depicts the savings.

The calculator also includes the option of adding an extra amount to your biweekly payment, either on a biweekly (fortnightly) or on a monthly basis.

Finally, you can set the calculator to show the first year or full biweekly amortization schedule, or show no payment schedule at all. And if you choose to include one of the amortization schedules, the calculator will generate a printer-friendly version for printing.

Note that if you are simply looking for a calculator to compute the payment and interest on a new bi-weekly loan, please visit the Bi-weekly Loan Calculator.

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Biweekly Loan Payment Calculator

Calculate biweekly payment savings in both time and interest, when switching from an existing monthly repayment plan.

Special Instructions

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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
Balance:Balance owed:Principal balance owed:Principal balance owed:

Principal balance owed:

Enter the current balance you owe on the loan. Due to compounding interest, the amount you owe cannot be arrived at by simply multiplying your payment amount by the number of payments remaining. You may need to call your lender to find out the exact amount you owe.

Loan rate:Loan rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual interest rate you are being charged for the loan. Enter as a percentage, but without the percent sign (for .06 or 6%, enter 6).

Pmts left:Payments left:Number of payments remaining:Number of payments remaining:

Number of payments remaining:

Enter the number of monthly payments remaining on the loan.

Optional extra payment:

Optional extra payment:

If you would like to have an extra principal payment applied to the loan, choose either biweekly (fortnightly) or monthly, then enter the extra payment amount. Note that if you choose monthly, the monthly amount is applied evenly across all biweekly payments (extra amount x 12 ÷ 26)

Optional next payment date:

Optional next payment date:

If you would like the calculator to generate an amortization schedule, select the month and day, and enter the 4-digit year, of the date you will make your next biweekly payment.

Schedule?Pmt schedule?Amortization schedule?Amortization schedule?

Amortization schedule?

If you would like the biweekly amortization schedule included in the results, select either 1st Year or Full. Otherwise choose None.

Payment comparison chart:

Description of chart row values:

Row #1: Monthly
This row shows you the payment amount, number of months, and interest charges based on making a monthly loan payment.
Row #2: Bi-weekly
This row shows you the payment amount, number of months, and interest charges based on switching from a monthly loan payment to a bi-weekly loan payment.
Row #3: Bi-weekly savings
This row shows you the time and interest you will save by switching from a monthly loan payment to a bi-weekly loan payment.
Payment# of MonthsInterest Cost
Bi-weekly savings:Bi-weekly savings:Bi-weekly payment savings:Bi-weekly payment savings:

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


How switching to biweekly payments works, and what to watch out for.

When "13" is Not Unlucky

In most cases, you can save a lot of time and money by simply making 1/2 of your normal monthly loan payment every two weeks.

That's because doing so results in making one extra loan payment per year (13 instead of 12) without hardly noticing the difference in your cash flow.

The following mini-calc will show you how much your bi-weekly payment would be:

Mini Monthly to Biweekly Payment Calculator
Monthly:Monthly:Monthly payment:Monthly payment:
Biweekly:Biweekly:Biweekly payment:Biweekly payment:

As you will see, when using the full calculator, this small change in your loan repayment method can make a huge difference in the amount of interest you will end up paying.

But before you switch to making bi-weekly payments, be sure to check with your lender to make sure they allow you pay off your loan ahead of schedule. Some of the sneaky devils just hold your extra payments in escrow and apply them based on the original monthly amortization schedule.

How to Convert Bi-weekly to Monthly

In case you need to convert bi-weekly payments to monthly before using the calculator, here is how I make the conversion, along with a mini calculator that will do the conversion for you:

Example: Convert $500 bi-weekly payment to monthly equivalent.
Average number of days in a year ((365 x 3) + 366) ÷ 4):365.25
Number of weeks in a year (365.25 ÷ 7):52.1785714
Number of biweeks in a year (52.1785714 ÷ 2):26.089
Multiply biweekly payment amount by biweeks/year (26.089 x $500):$13,044.64
Monthly equivalent ($13,044.64 ÷ 12):$1,087.05
Mini Bi-Weekly to Monthly Conversion Calculator
Biweekly amount:
Monthly equivalent:

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.