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Biweekly Mortgage Payment Calculator
This calculator shows you possible savings by using an accelerated bi-weekly
mortgage payment. Bi-weekly payments accelerate your mortgage payoff by paying
1/2 of your normal monthly payment every two weeks. By the end of each year, you
will have paid the equivalent of 13 monthly payments instead of 12. This simple
technique can shave years off your mortgage and save you thousands of dollars in
interest. Click on the "View Report" button to see your savings!
Definitions
- Accelerated weekly and bi-weekly payments
- Accelerated weekly and accelerated bi-weekly payment options are
calculated by taking a monthly payment schedule and assuming there
are only four weeks in a month. We calculate an accelerated
bi-weekly payment, for example, by taking your normal monthly
payment and dividing it by two. Since you would pay 26 bi-weekly
payments, by the end of a year you would have paid the equivalent of
one extra monthly payment. This additional amount accelerates your
loan payoff by going directly against your loan's principal. The
effect can save you thousands of dollars in interest and take years
off of your mortgage.
The accelerated weekly payment is calculated by dividing your
monthly payment by four. You would then make 52 weekly payments.
Just like the accelerated bi-weekly payments, you are in effect
paying an additional monthly payment each year.
- Mortgage amount
- The total dollar amount for this mortgage.
- Interest rate
- The interest rate on this mortgage.
- Mortgage term
- The number of years over which you would repay this loan if you
made your normal monthly payment. The most common terms for
mortgages are 15 years and 30 years.
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