ToolBox CS
Warning
Product support for ToolBox CS ended on October 31, 2022.
Help & How-To Center content for ToolBox CS may be outdated and is used at your own risk.
This calculator shows:
- How much sooner a loan or mortgage can be paid off.
- How much interest expense can be saved if the payments are changed from monthly to bi-weekly and the payment amount is cut in half. (Because there are 26 bi-weekly payments a year, the borrower would pay the equivalent of 13 monthly payments per year.)
Example
How much can be saved on a home mortgage with a current balance of $100,000 and 10 years remaining at 6%?
| Field | Input |
|---|---|
| Loan amount | $100,000 |
| Annual interest rate | 6% |
| Compounded | Payment Date |
| Each payment | $1,111 |
In this example, the reduction in time to pay off the mortgage is 1.032016 years, and the reduction in interest expense is $3,806.45.
Copying and pasting loan payment schedules into Microsoft Excel or other applications
View this procedure to find out how you can copy loan payment schedules from this calculator to the application clipboard, and then paste them into Microsoft Excel or other applications.
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