The Biweekly Loan Calculator helps you analyze a monthly loan payment compared with a biweekly loan payment.

• Enter ballpark values by clicking on and dragging the diamond-shaped sliders left or right. Enter exact numbers by clicking on the number in the box on the right and type your number (no commas).
• Solve for different variables by clicking on a label name. A red check mark appears on the label of the variable for which you are solving. You cannot change red-checked values.
• The results of your calculations show in the box at the bottom of the calculator.
• Click on tabs for details and for more options.

The Loan Calculator Tab allows you to enter basic information used to calculate monthly and biweekly loans.

Loan Amount

Click this button to figure out the biggest loan you can afford given the interest rate, the loan duration and the monthly payment you can afford. This is the amount of your current loan.

Loan Period

Click on this button to figure out how long your debt will last. You would typically solve for the loan period to figure out how an increased monthly payment might reduce the loan term.

Annual Rate

Click on this button to figure out how what happens to the interest rate when you change other loan variables. Can you afford the rate? Can you afford to pay a higher rate?

Monthly Payment

Click on this button to figure out what affects the monthly payment.

Biweekly Payment

This value reflects your payment were you to choose a biweekly loan.

Monthly Total Interest

This amount reflects all the interest you have to pay over the life of the loan based on monthly payments.

Biweekly Total Interest
 

This amount reflects all the interest you have to pay over the life of the loan based on biweekly payments.

Results

The content of the results box changes depending upon which variable has the red check mark on it and upon the amounts you enter in the other variables.

The Payment Schedule Tab shows the amortization schedule for the chosen loan. Each row shows a payment number, the interest, the principal and the balance of the loan at that payment number. Click the monthly or biweekly radio button to choose the type of loan results you'd like.

The Payment Chart Tab shows an area graph depicting the remaining balance. It compares a monthly loan to a biweekly loan.

Monthly Extra Principle

Enter the amount of extra principle you would like to pay monthly. The amount is divided by 2 for the biweekly value.

Graph

Slide the diamond-shape slider at the bottom of the graph to a particular payment to see the difference between the balances of the two loans at that point.