Looking for a simple (and budget-friendly) way to payoff your loan a little faster? Consider making bi-weekly payments. In a 52 week year, a bi-weekly payment schedule actually amounts to one extra monthly payment annually. Depending on your loan type and structure*, that extra payment could be applied to your principle balance — and save you some interest costs in the process.
To estimate the impact of making bi-weekly loan payments on an existing loan, simply enter your current loan balance, interest rate and monthly payment amount.
Compare monthly vs. bi-weekly loan payment schedule:
*Before starting a bi-weekly loan payment schedule, be sure to consult your lender.
Disclaimer: Estimates are for educational purposes only and do not represent a financing offer from Dupaco Community Credit Union.