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Bi-Weekly Payment Calculator
One popular strategy for accelerating the payoff of a loan is to make 'bi-weekly' payments. Under the bi-weekly plan, you will make payments to your lender every two weeks instead of monthly of half of your monthly payment. One important thing to note here is that this method will result in you making 26 payments each year, which is two more than you would make if you made a payment on the 1st day of the month and middle of the month, so you will have to budget accordingly. By making bi-weekly payments, you will comparatively make an extra monthly payment each year which will reduce your amount owed. By making payments every other week, you will also save a bit on interest charges for the outstanding loan balance that would normally still be there until the end of the month.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment 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.