This calculator will show you how much you will save if you make 1/2 of your loan payment every two weeks instead of making a full loan payment once a month. In effect, you will be making one extra loan payment per year -- without hardly noticing the additional cash outflow. But, as you're about to discover, you will certainly notice the increased cash flow that will occur when you pay your loan off well ahead of schedule!

Instructions:

Enter your loan's "principal" balance, monthly payment amount and annual interest rate and then click on the "Calculate" button.

Note:

Do NOT use characters such as $ % or commas.

Enter the "principal" balance of your loan:
(call your lender and ask for the current payoff amount)

Enter the amount of your monthly loan payment:


Enter the your loan's current interest rate:


This is how much interest you will pay under your current monthly payment plan:


This is how many months it will take you to pay off your loan under your current monthly payment plan:


This is how much interest you will pay if you switch to a bi-weekly payment payment plan:


This is how many months it will take you to pay off your loan if you switch to a bi-weekly payment plan:


Bi-weekly Payment Interest Savings:


Bi-weekly Payment Time Savings (# of Months):


DISCLAIMER:
There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.