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Biweekly Payments for an Auto Loan

This calculator shows you possible savings by using an accelerated biweekly 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.

Accelerated biweekly payments pay off your loan MONTHS_FASTER months faster!

Using PAYMENT_TYPE1 payments you can repay your auto loan in LOAN_TERM_CALC1. Using PAYMENT_TYPE1 payments also reduces your total interest payments from INTEREST_PAID0 to INTEREST_PAID1. This is a total interest savings of INTEREST_SAVINGS. **GRAPH**
  Biweekly Payments Monthly Payments
Auto loan amount LOAN_AMOUNT1 LOAN_AMOUNT0
Interest savings INTEREST_SAVINGS*  
Compare to refinancing Using biweekly payments, you would pay the same amount of interest as refinancing your auto loan at RATE_FOR_INTEREST.*

*based on standard amortization, individual results may vary. We assume that no prepayments were made prior to the start of your biweekly payments. The interest rate comparison assumes that you refinance your outstanding auto loan balance with a new auto loan that has a term the same length as your original auto loan. In the case presented, this is REMAINING_BALANCE1 for LOAN_TERM0. No closing costs are taken into consideration, which could add to the cost of refinancing.

**does not include any administrative fees.

Current Auto Loan Summary

Current Auto Loan Summary
Original loan amount LOAN_AMOUNT0
Original loan term LOAN_TERM_CALC0
Interest rate INTEREST_RATE0
Monthly prepayment amount PREPAYMENT_MONTHLY_AMOUNT
First payment date FIRST_PAYMENT_DATE
Payments remaining PAYMENTS_REMAINING
Current loan balance REMAINING_BALANCE1

Auto Loan Pay off Schedule


Biweekly Payments for an Auto Loan Definitions

Biweekly payments
Biweekly 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 biweekly program 1/2 of this amount will be debited every two weeks.

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