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