BiWeekly Loan Calculator
Our biweekly loan calculator is an effective way to make a comparison
between a monthly loan payment and a biweekly loan payment.
- Enter ballpark values by clicking on and dragging the diamond-shaped
sliders left or right. Enter exact numbers by clicking on the
number in the box on the right and type your number (no commas).
- Solve for different variables by clicking on a label name.
A red check mark appears on the label of the variable for which
you are solving. You cannot change red-checked values.
- The results of your calculations show in the box at the bottom
of the calculator.
- Click on tabs for details and for more options.
Loan Calculator Tab Our Loan Calculator
Tab is an easy way to calculate monthly and biweekly loans by entering
only basic information.
Loan Amount
Either enter a loan amount or click this button to figure out the
biggest loan you can afford based on other information.
Loan Period
If you know your loan term you can enter it here or use this button
to see how an increased monthly payment might reduce the loan term.
Annual Rate
Click on this button to see how other loan variables change the
interest rate or simply enter your interest rate here.
Monthly Payment
You can enter your monthly payment or click on this button to determine
how it is affected by other variables.
Biweekly Payment
These are the results of what your payment will be if you choose
a biweekly loan.
Monthly Total Interest
This amount reflects all the interest you have to pay over the life
of the loan based on monthly payments.
Biweekly Total Interest
This amount reflects all the interest you have to pay over the life
of the loan based on biweekly payments.
Results
The content of the results box changes depending upon which variable
has the red check mark on it and upon the amounts you enter in the
other variables.
Payment Schedule Tab Our Payment
Schedule Tab will show you the amortization schedule for the chosen
loan. Each row shows a payment number, the interest, the principal
and the balance of the loan at that payment number. You can choose
between the monthly or biweekly loan results by clicking on the
radio buttons.
Payment Chart Tab The Payment Chart
Tab compares a monthly loan to a biweekly loan using an area graph.
Monthly Extra Principle
If you would like to pay extra principle each month you can enter
the amount here and it will automatically be divided by 2 for the
biweekly value.
Graph You can use the diamond-shape
slider at the bottom of the graph to see the difference between
the balances of the two loans at any point.
Click
Here to open the BiWeekly Loan Calculator
|
