With Comparison Payment Schedule

Original Size

Enter non zero values for any 3 of the primary loan variables: "Loan Amount", "Total Months", "Annual Interest Rate" or "Regular Monthly Payment". Enter a "0" (zero) for the one unknown value.

The calculator will calculate the unknown. It will also calculate the "biweekly payment amount" (half the monthly payment amount), the total interest that would normally be paid if paying the debt down with monthly payments and the total interest if paying down the debt with a biweekly payment. Finally, it will calculate the interest saved as a result of paying with biweekly payments.

The calculator will also create a unique payment schedule. The payment schedule merges the normal monthly schedule with the biweekly schedule. This allows you to see the running interest paid at the end of every year using either payment method. You can also see the loan balance for each payment method at any point during the payback period.

It is not necessary to click on the "Calc" button before clicking on the "Payment Schedule" button.

View the charts to visually compare the two cash flows

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.

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.

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

I guess this is a question? The Ultimate Financial Calculator will handle all these comparisons for you. Scroll down the page for 25 tutorials and step-by-step calculation guides. Make sure you read tutorial #1 to get an overview of how the calculator works.