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Auto Loan with Fees Calculator

Auto Loan with Fees Calculator

This calculator shows you possible savings by using an accelerated bi-weekly auto loan payment. Bi-weekly payments accelerate your auto loan payoff by paying 1/2 of your normal monthly payment every two weeks. By the end of each year, you will have paid the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your auto loan and save you hundreds to thousands of dollars in interest. Click on the "View Report" button to see your savings!

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Definitions

Accelerated bi-weekly payments
Accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming there are only four weeks in a month. We calculate an accelerated bi-weekly payment, for example, by taking your normal monthly payment and dividing it by two. Since you would pay 26 bi-weekly payments, by the end of a 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 hundreds to thousands of dollars in interest and take years off of your auto loan.

Auto loan amount
The total dollar amount for this auto loan.

Interest rate
The interest rate on this auto loan.

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

Transaction fee
This is a fee charged for each bi-weekly payment that is made.

One-time setup fee
This is a one-time fee charged for when the bi-weekly program is started.

Bi-weekly prepayments
If you wish to apply additional principal prepayments, enter the amount here. This is the amount bi-weekly that will be applied directly to your auto loan principal.

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.