Bi-Monthly Calculator

Some people choose to pay half of their monthly repayment each fortnight. This in effect gives you an extra repayment every year. This calculator will show you how much time and interest you can save over the term of you loan if you make bi monthly repayments instead of fortnightly repayments.

Assumptions:

• The calculated monthly repayment is halved and paid towards your loan fortnightly. The extra amount paid and frequency increase reduces the loan term and total interest paid.
• Interest rates remain the same for the term of the loan.
• One year is 52 weeks exactly, a month is 52/12 weeks and a fortnight is 26 weeks.
• Interest is calculated by compounding on the same frequency as the repayment stated, i.e. weekly, fortnightly or monthly.
• Repayments are made at the start of each period.
• Rounding is made at the end of the calculations and not at each payment period
• It does not take into account up-front fees and monthly/annual account fees.
• You can email your results to yourself and if you request, a copy of your results and contact information is sent to the web site owner.
• You can print your results for future reference.
• You should consult a finance professional before you make decisions based on this calculator.