bi-weekly loan calculator

Bi-Weekly Loan Payments Calculator

See How Much You Can Save on Interest

Interested in making accelerated payments, whether on your home loan, auto loan or other personal loan with Greater Nevada Credit Union? See how much of a dent you can make in your overall loan amount by doing bi-weekly payments.

Calculate Your Bi-Weekly Loan Payment

Here’s a strategy to consider: instead of making loan payments only once a month, it’s possible to make partial (half) payments every two weeks. The financial advantage to you is that by the end of the year, you’ll have made a full extra payment and reduced the amount of interest you’ll pay in total. Explore this and other financial calculators from Greater Nevada.

Bi-Weekly Payments Frequently Asked Questions (FAQs)

Curious about how making bi-weekly payments might lower your overall payments? Learn from some of the more popular questions we get here.

How much faster will I pay off my loan with bi-weekly payments?

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The answer depends on a variety of factors, including the principal loan balance, monthly payment amount, loan type (i.e. are you making car payments, mortgage payments or other?) and interest rate. Use our bi-weekly payment calculator above to determine how much you can save.

Is it better to pay a loan bi-weekly or monthly?

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Under the bi-weekly plan, you’ll make payments to your lender every two weeks instead of monthly, or half of your monthly payment. One important thing to note here is that this method will result in you making 26 half-payments each year,, so you’ll have to budget accordingly. By making bi-weekly payments, you’ll comparatively make an extra monthly payment each year which will go toward reducing your principal amount and enable you to save on interest charges. In the end, this payment plan option is voluntary and it’s up to what you are comfortable with and what you can afford.

Additional Online Calculators

Discover more tools from Greater Nevada to help you run test scenarios on your monthly payments on loans, forecasting a budget for your home, and other important financial topics.

Apply For a Loan From Greater Nevada Credit Union Today

Now that you have a sense of your loan’s total amount and the types of loans available to you, get started with an application today.

This calculator is intended solely for general information and educational purposes. Greater Nevada Credit Union does not guarantee the accuracy of the calculations. The calculator is not intended in any way as financial, insurance, tax or legal information regarding your financial situation.