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10 thoughts on “biweekly-payment-calculator

  1. why can’t I change the payment start dates on this?

    • The calculator is not designed as an auditor’s tool. It’s designed for ease and to show how much interest can be saved over the course of years. So rather than make a user type in dates, the calculator makes a reasonable assumption.

      That does not mean this site doesn’t have a calculator that will meet your needs. Use the amortization schedule. It asks you for loan and first payment date. In your case, you may not want to let the calculator calculate the payment amount, rather enter the payment amount calculated here and set to biweekly payment.

      If you want to set the date when every payment is made, you can use this calculator time value of money calculator.

  2. I’m trying to calculate the impact of bimonthly payments on an existing mortgage.. Should the loan amount and number of months reflect the current balance or the original loan? Thanks!

    • If you have an existing mortgage and you want to see what you would save by switching to a biweekly mortgage, then you should use the current balance. You would also use the number of months remaining on the loan for the term, if you want to compare biweekly payments with the existing mortgage.

      • Karl, please advise if there is a calculator for bi-weekly payments and paying extra to principal.

        The calculators I have used to far are excellent to give me a ball park.

        Also, what about paying extra principal to auto loan?

        • Please take a look at the Ultimate Financial Calculator. This calculator will give you full control over the frequency of the loan(s) and payment, their amounts and the interest rate(s).

          If you scroll down the page, you’ll see 25 tutorials. Everyone should take a look at #1 which presents an overview of how this calculator works. After looking at it, you’ll see there are tutorials (really step-by-step examples) for bi weekly loans and extra payments.

          Feel free to ask any questions you might have if something is not clear.

  3. I want to compare:
    A. Standard 20 and 30 year loan
    B Standard 30 year loan paid Bi-weekly
    C Standard 30 year loan paid Bi-weekly with additional payments
    D Standard 30 year loan paid Bi-weekly with additional payments +lump sum

Comments, suggestions & questions welcomed...

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