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Bi Weekly Auto Calculator

Bi Weekly Auto Calculator

This calculator shows you possible savings by using an accelerated bi-weekly payment on your auto loan. By paying half of your monthly payment every two weeks, each year your auto loan company will receive the equivalent of 13 monthly payments instead of 12. This simple technique can shave time off your auto loan and could save you hundreds or even thousands of dollars in interest.

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Definitions

Bi-weekly payments
Bi-weekly savings are achieved by simply paying half of your monthly auto loan payment every two weeks and making 1.5 times your monthly auto loan payment every sixth month. By the end of each year you would have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands of dollars in interest and take years off of your auto loan.

Original loan amount
The original total dollar amount for this auto loan.

Interest rate
The interest rate on this auto loan.

Original loan term
The number of months over which you would repay this loan if you made your normal monthly payment.

First payment date
The date your auto loan started. We will use this date to calculate the time and balance remaining on your loan.

Monthly Prepayment amount (optional)
Prepayment increases your savings even more. An additional payment is strictly optional. If you are also prepaying, please include your monthly prepayment amount. With the bi-weekly program, ½ of this amount will be debited every two weeks.

Information and interactive calculators are made available to you as self-help tools for your personal independent use and are not intended to provide investment advice. We can not 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.