There are tons of loan calculators out there, but not all of them are set up to handle biweekly payments. This unique type of payment plan incorporates an extra half payment every six months, which adds up to an extra payment each year. When you use a biweekly loan calculator, you’ll have access to tons of information that benefits you in several major ways.

1. Experiment With Loan Payment Schedule Options

You don’t have just one loan payment schedule you have to stick to. Although your lender gives you a schedule of required payments, usually for the same amount every month, this is just the minimum. You are always allowed to pay extra on your loan, and doing this can help you pay off your loan early. See side-by-side comparisons of your regular loan payment schedule, a biweekly schedule, and a biweekly schedule with extra payments to help you understand which one may be best for you.

2. Calculate Your Savings on a Biweekly Loan Calculator

Making half payments every two weeks instead of full payments every month may sound like the same thing at first, but it actually makes a big difference on your bottom line. When you enter your information in a biweekly loan calculator, you will find out exactly how much money you will save if you switch to a biweekly loan payment schedule. The exact amount varies depending on how far into your mortgage you are and what your interest rate is, and the only way you can find out how much you’ll save is if you enter your information.

3. Help You Meet Mortgage Acceleration Goals

People have many different reasons for wanting to pay off a mortgage early. Perhaps you want to pay off your mortgage before having kids or before you reach a certain age. Many people set a mortgage acceleration goal of finishing the mortgage before retirement so you don’t need as much income to sustain your living expenses. If you have kids who plan to attend college, you may set a goal of paying off the mortgage before they enter college so you have more money available for those expenses. Whatever your reasons for mortgage acceleration are, a biweekly loan calculator can help you create a plan to pay off your mortgage by a target date. Here at Half a Payment, we have a sophisticated biweekly loan calculator available for free. Use it for your auto loan or lease, student loans, mortgage, timeshare, credit cards, and other debt. If you like the numbers you see, then sign up to get started on your biweekly payment plan!