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Bi-weekly Payment (with Fees)

This calculator shows you possible savings by using an accelerated bi-weekly auto loan payment. Bi-weekly payments accelerate your auto loan payoff by paying 1/2 of your normal monthly payment every two weeks. By the end of each year, you will have paid the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your auto loan and save you hundreds to thousands of dollars in interest. Click on the "View Report" button to see your savings!

Bi-weekly Auto Loan Calculator

Accelerated bi-weekly payments payoff your loan MONTHS_FASTER months faster!

Using PAYMENT_TYPE1 payments you can repay your auto loan in LOAN_TERM_CALC1. Using PAYMENT_TYPE1 payments also reduces your total interest payments from INTEREST_PAID0 to INTEREST_PAID1.**GRAPH**

 
Accelerated Payments (Biweekly)
Monthly Payments
Auto loan amount LOAN_AMOUNT1 LOAN_AMOUNT0
Interest rate INTEREST_RATE1 INTEREST_RATE0
One-time setup fee LOAN_SETUPFEE1 LOAN_SETUPFEE0
Principal and Interest payment LOAN_PAYMENT1 Bi-weekly LOAN_PAYMENT0
Transaction fee LOAN_TRANSACTION1 LOAN_TRANSACTION0
Additional Services (optional) IMPOUND_PAYMENT1 Bi-weekly IMPOUND_PAYMENT0
Additional prepayment LOAN_PREPAYMENT1 Bi-weekly LOAN_PREPAYMENT0
Total payment FULL_PAYMENT1 Bi-weekly FULL_PAYMENT0
Time to repay LOAN_TERM_CALC1 LOAN_TERM_CALC0
Total interest INTEREST_PAID1 INTEREST_PAID0
Equity benefit at TERM_HALFWAY_POINT months HALFWAY_EQUITY_BUILDUP  
Equity benefit at the time of loan payoff EQUITY_BUILDUP  
Total net savings NET_SAVINGS  
Effective interest rate Using bi-weekly payments, you would pay the same amount of interest as traditional financing at RATE_FOR_INTEREST.*

Auto loan payoff schedule

**REPEATING GROUP**






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Definitions

Accelerated bi-weekly payments
Accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming there are only four weeks in a month. We calculate an accelerated bi-weekly payment, for example, by taking your normal monthly payment and dividing it by two. Since you would pay 26 bi-weekly payments, by the end of a year you would have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you hundreds to thousands of dollars in interest and take years off of your auto loan.

Auto loan amount
The total dollar amount for this auto loan.

Interest rate
The interest rate on this auto loan.

Auto loan term
The number of months over which you would repay this loan if you made your normal monthly payment.

Transaction fee
This is a fee charged for each bi-weekly payment that is made.

One-time setup fee
This is a one-time fee charged for when the bi-weekly program is started.

Bi-weekly prepayments
If you wish to apply additional principal prepayments, enter the amount here. This is the amount bi-weekly that will be applied directly to your auto loan principal.

Additional Services(optional)
If you pay your insurance or real estate taxes as part of your monthly payment, include that amount here. We will apply extra impound payments directly to your principal.



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