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



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

Loan Amount 
Select 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 
Select 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 
Select this button to figure out how what happens to the interest rate when you change other loan variables. 
Monthly Payment 
Select 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 you selected and upon the amounts you enter in the other variables. 
Payment Schedule Tab  
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 amortization table uses payments rather than time periods. If you pick the monthly option, there is 1 payment per month; 12 payments per year. If you pick the biweekly option, you are making a payment every other week; 26 payments per year. The same number of payments in the biweekly option represents a lot less money paid toward the loan than in the monthly option. The outstanding balance is always higher at the same payment number for the biweekly option. 

Payment Chart Tab  
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

Mouse over the graph to a particular payment to see the difference between the balances of the two loans at that point. 