Calculate your savingsOne popular strategy for accelerating a loan payoff is to make bi-weekly payments. With this plan, you'll make half of your payment every two weeks instead of one full monthly payment, which results in 26 payments each year. That's two more payments than you would make if you made a payment on the first day of the month and middle of the month, so you'll have to budget accordingly. By making bi-weekly payments, you'll comparatively make an extra monthly payment each year, which will reduce your amount owed. You'll also save a bit on interest charges for the outstanding loan balance that would normally still be there until the end of the month.
Disclaimer: The accuracy of these calculators and applicability to your circumstances is not guaranteed. Calculators are not a guarantee of credit. Results should be discussed with a qualified professional before any product purchases or loan commitments are made.
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