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Making Bi-Weekly Payments

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Making Bi-Weekly Payments

I'm curious how bi-weekly payments work if auto-pay is already configured. If I push payments from my bank every two weeks to the lender, will they still pull the configured autopayment on the due date?




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Re: Making Bi-Weekly Payments


@Schwartzinator wrote:

I'm curious how bi-weekly payments work if auto-pay is already configured. If I push payments from my bank every two weeks to the lender, will they still pull the configured autopayment on the due date?


1)   It depends on the lender.

2)  You should check with Wells Fargo or make a smallish mid month payment and see if they lower what they pull or pull the full amount.

3)  Most that are on auto, pull full amount no mater what extra you have paid.

4)  You should make sure that extra payments are applied to principal lowering interest paid.

5) Check to make sure interest is calculated daily as apposed to once a month, or else bi-monthly payments will not save any money.

6) On a $60,000 loan at 4% for 5-6 years, bi-monthly payments will save about $1 dollar a month, you would come out ahead by just adding 5$ to every monthly payment.

7)   Nothing wrong with paying extra, it will save you money. I have paid 2x the loan payment on my last 3 auto loans.

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