Bi-weekly Payments Auto Loan Calculator
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.
- Bi-weekly payments
- 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
- 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.