Biweekly Amortization Calculator
Biweekly
Steps for Biweekly Amortization Calculation
To calculate your biweekly payment, use the formula for monthly amortization, then adjust it to biweekly payments.
function calculateBiweeklyPayment() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const annualInterestRate = parseFloat(document.getElementById(‘annualInterestRate’).value) / 100;
const loanTerm = parseInt(document.getElementById(‘loanTerm’).value);
if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTerm) || loanAmount <= 0 || annualInterestRate <= 0 || loanTerm <= 0) {
alert("Please enter valid values for all fields.");
return;
}
const numberOfPayments = loanTerm * 26; // Biweekly payments for 30 years
const biweeklyRate = annualInterestRate / 26;
const biweeklyPayment = (loanAmount * biweeklyRate) / (1 – Math.pow(1 + biweeklyRate, -numberOfPayments));
document.getElementById('biweeklyPayment').value = biweeklyPayment.toFixed(2);
}
