This calculator shows you possible savings by using an accelerated biweekly auto loan payment. Biweekly 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.
Biweekly Payments for an Auto Loan with Fees Calculator
Biweekly Payments for an Auto Loan with Fees Calculator Definitions
- Accelerated biweekly payments
- Accelerated biweekly payment options are calculated by taking a monthly payment schedule and assuming there are only four weeks in a month. We calculate an accelerated biweekly payment, for example, by taking your normal monthly payment and dividing it by two. Since you would pay 26 biweekly 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.
- Auto loan term
- The number of months over which you would repay this loan if you made your normal monthly payment.
- Interest rate
- The interest rate on this auto loan.
- One-time setup fee
- This is a one-time fee charged for when the biweekly program is started.
- Transaction fee
- This is a fee charged for each biweekly payment that is made.
- Biweekly prepayments
- If you wish to apply additional principal prepayments, enter the amount here. This is the amount biweekly that will be applied directly to your auto loan principal.
- Additional Services (optional)
- If you pay insurance or any fees as part of your monthly payment, include that amount here. We will apply extra impound payments directly to your principal.