How much interest you can save by making bi-weekly payments? Utilize our specially designed calculator to find out the answer for your automobile loan. Additionally, you will be able to know the monthly payments and interests, bi-weekly payments and interests, and the term you could reduce by making accelerated bi-weekly payments. The attached reports will graphically demonstrate the findings before you.
In case of bi-weekly payments, you have to make payments every two weeks equaling 50% of the monthly payment. So, the normal yearly (12 months) payment is converted to 24 payments. At the end, you pay 2 additional bi-weekly payments which are equal to one additional monthly payment. Essentially, these last two extra payments are the reason your term length are reduced.
Original loan amount
Original amount of the auto loan.
Interest rate that is charged on the loan amount.
Original loan term
Required number of months to repay the auto loan according to the original repayment structure.
First payment date
Starting date of the auto loan contract. This date is required to determine the remaining time and balance for the loan.
Monthly Prepayment amount (optional)
If you are planning to make prepayments, input the amount here. This will foster the loan payment and savings even more.