Bi-Monthly Loan Repayment Calculator
About the Bi-Monthly Loan Repayments Calculator
The more often you make repayments on your loan, the faster you can pay it off and the more interest you can save. This calculator will show you how much you can save by paying half of your monthly repayment each fortnight rather than the whole amount each month. Over a year you would effectively make one extra repayment, and the savings can be quite significant. You might also like to have a look at the basic loan repayments calculator.
Enter your loan amount and interest rate. Use the slider to select the loan term, in years. Also enter the number of monthly repayments you have already made (ie, how far through then loan are you already). Leave this as '0' if you do not already have a loan, but are still in the planning and research phase. The time and interest saved will be summarised in table at the bottom, and the graph will update to show the time and money savings of fortnightly repayments.