Biweekly Payments for an Auto Loan Calculator

This calculator shows you possible savings by using an accelerated biweekly payment on your auto loan. By paying half of your monthly payment every two weeks, each year your auto loan company will receive the equivalent of 13 monthly payments instead of 12. This simple technique can shave time off your auto loan and could save you hundreds or even thousands of dollars in interest.

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For more information about these these financial calculators please visit: Financial Calculators from KJE Computer Solutions, Inc.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

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Biweekly Payments for an Auto Loan Calculator

*indicates required.

Auto loan information:

First payment date:*This entry is required.Please enter a valid date for First payment date

Original loan amount:*This entry is required.Enter an amount between $1,000.00 and $10,000,000.00

Interest rate:*This entry is required.Enter an amount between 0% and 24%

Loan term in months:*This entry is required.Enter an amount between 12 and 480

Monthly prepayment amount:*This entry is required.Enter an amount between $0.00 and $1,000.00

Normal payment:

Accelerated payment:

**FIG_GRAPHTITLE** Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Accelerated repayments pay off loan in KJE1.

Definitions

Biweekly payments

Biweekly savings are achieved by simply paying half of your monthly auto loan payment every two weeks and making 1.5 times your monthly auto loan payment every sixth month. By the end of each 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 thousands of dollars in interest and take years off of your auto loan.

Original loan amount

The original total dollar amount for this auto loan.

Interest rate

The interest rate on this auto loan.

Original loan term

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

First payment date

The date your auto loan started. The tool uses this date to calculate the time and balance remaining on your loan.

Monthly Prepayment amount (optional)

Prepayment increases your savings even more. An additional payment is strictly optional. If you are also prepaying, please include your monthly prepayment amount. With the biweekly program 1/2 of this amount will be debited every two weeks.

Glacier Hills Credit Union
2150 S Main St
West Bend, WI

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.