This free online amortization calculator lets you compare
various frequency payment options, including bi-monthly, monthly, and
bi-weekly payments. The calculator is easily printed using the
print button below. The amortization schedule shows up to 12 payment
periods, beginning with the first number chosen in the No. column.

Help

Term of Loan: Mortgage loans usually have 15 or 30-year terms.
Auto loans are usually between 2 and 5 years. For a 6-month term, enter
0.5.

First Payment Date: Assumes that the first payment date is at
the end of the first period.

Payment (per period): This is the amount that you would pay by
the due date each period. Although the payment is rounded, this calculator
does not account for rounding, so the balance may be off by a few cents or
dollars.

Total Interest: This is the total amount of interest that you
would pay, assuming that you make all of your regular payments.

What does the "Comparison of Payment Frequency Options" show?
This table lets you compare the payments, and more importantly, the total
amount that you would pay, without having to manually keep changing the
payment frequency in the amortization calculator. The point is that making
more frequent payments usually results in a lower total paid. By the way,
bi-weekly payments are usually only allowed when using direct deposit.

Note: This amortization calculator is meant for educational
purposes only. Please consult your financial advisor or lending
institution before making any final financial decisions.