1. What is the Biweekly Payment Calculator?

This calculator estimates how long it will take to pay off credit card debt when making biweekly payments (half of your monthly payment every two weeks). This approach can help pay off debt faster and save on interest.

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

• \( P \) — Principal balance ($)
• \( D \) — Biweekly payment × 2 ($)
• \( R \) — Monthly interest rate (APR / 12, as decimal)
• \( T \) — Time to pay off (months)

Explanation: The formula accounts for compound interest and calculates how many months it will take to reduce the balance to zero with regular payments.

3. Benefits of Biweekly Payments

Details: Making biweekly payments (26 half-payments per year) instead of monthly payments (12 full payments) results in one extra full payment per year, which can significantly reduce payoff time and interest costs.

4. Using the Calculator

Tips: Enter your current credit card balance, the amount you plan to pay biweekly (multiplied by 2), and your APR. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Why multiply biweekly payment by 2?
A: The calculator needs to compare your biweekly payment to what would be a monthly payment for accurate calculations.

Q2: How much faster will I pay off my debt?
A: Typically 10-20% faster than monthly payments, depending on your interest rate and payment amount.

Q3: What if I make additional payments?
A: Any extra payments will further reduce your payoff time. This calculator shows the benefit of consistent biweekly payments.

Q4: Does this work for other debts?
A: Yes, the same principle applies to any installment debt with compounding interest (car loans, personal loans, etc.).

Q5: What's the best strategy to pay off debt fastest?
A: Combine biweekly payments with paying more than the minimum and targeting highest-interest debts first (avalanche method).