Biweekly Payments for an Auto Loan with Fees Calculator
This calculator shows you possible savings by using an accelerated biweekly payment on your auto loan. This simple technique can shave time off your auto loan and could save you hundreds or even thousands of dollars in interest.
How the biweekly payments for an auto loan with fees calculator works
It calculates the interest saved by paying biweekly, then subtracts any setup or service fee a biweekly plan charges, leaving the net benefit. Often the fee eats much of the saving you could get for free.
Worked example: with auto loan amount of $28,000, interest rate (apr) of 7.00% and loan term (years) of 5, the biweekly payments for an auto loan with fees calculator shows net savings after fees of $344.
- Biweekly payment
- $277.22
- Interest saved
- $544
- Plan fees
- $200
- Net benefit
- $344
The formula
Net benefit = (monthly-schedule interest − biweekly interest) − plan fees.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the biweekly payments for an auto loan with fees calculator
Are biweekly payment plan fees worth it?
Frequently not. The calculator shows whether the interest saved exceeds the fee — and you can usually achieve the same result for free by adding a little to each payment.
Why do companies charge for biweekly plans?
They handle the payment timing for you, but the service rarely does anything you cannot do yourself by paying extra principal directly to your lender.
What is the free alternative?
Add one-twelfth of your monthly payment to each bill, or make one extra payment a year toward principal. No enrollment, no fee, same effect.
Is the Biweekly Payments for an Auto Loan with Fees Calculator free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.