Make Bi-Weekly Payments

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Monthly Payments
Bi-Weekly Payments
Interest Paid over Repayment Term
Monthly Payments Bi-Weekly Payments
Total Interest
One popular strategy for accelerating the payoff of a loan is to make 'bi-weekly' payments. Under the bi-weekly plan, you will make payments to your lender every two weeks instead of monthly of half of your monthly payment. One important thing to note here is that this method will result in you making 26 payments each year, which is two more than you would make if you made a payment on the 1st day of the month and middle of the month, so you will have to budget accordingly. By making bi-weekly payments, you will comparatively make an extra monthly payment each year which will reduce your amount owed. By making payments every other week, you will also save a bit on interest charges for the outstanding loan balance that would normally still be there until the end of the month.
The accuracy of this calculator is not guaranteed by First Citizens Bank [or its affiliates] and is intended for informational purposes only. The calculator displayed does not constitute the advice of, or reflect actual products, services, rates and/or terms available from First Citizens Bank [or its affiliates] and nothing contained in the calculator shall constitute an offer or solicitation of a product or service by First Citizens Bank [or its affiliates].