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Biweekly Loan Payment Calculator: For Calculating Bi-Weekly Savings

Calculator Preferences
Biweekly Loan Payment Calculator Sign
Biweekly Loan Payment Calculator

This calculator will calculate the time and interest you will save if you switch from making monthly loan payments to bi-weekly loan payments. You also have the option of adding extra payments on a bi-weekly or monthly basis. Results include a comparison chart, bar graph, and a bi-weekly amortization schedule. The Learn tab includes:

  • When 13 is not unlucky.
  • Mini calc with dynamic summary.
  • Before switching to biweekly be sure to ...
  • How to convert bi-weekly to monthly.
Learn More

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
Monthly:
Bi-weekly
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 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.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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Tip

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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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.