![]() ![]() Our Bi-Weekly Mortgage Calculator enables you to quantify your savings by showing you the earlier payoff date and lower total interest expense. For example, depending on the interest rate, a bi-weekly mortgage is generally four-to-five years shorter than a monthly 30 year mortgage, which means you save yourself up to five years in mortgage payments. Making an extra payment enables you to pay down your mortgage balance faster, or accelerate your mortgage, which reduces the length of your mortgage and saves you thousands of dollars in interest expense over the life of your loan. Second, because 26 bi-weekly mortgage payments equals 13 monthly mortgage payments you effectively make one extra payment each year with a bi-weekly mortgages as compared to the twelve payments you make with a standard monthly mortgage. First, true bi-weekly mortgages amortize every two weeks, which means the principal balance is reduced and the required interest payment is calculated every two weeks instead of monthly. With all this information provided by the extra payment bi-weekly mortgage calculator, it will be easy to see if is it better to make bi-weekly mortgage payments.A bi-weekly mortgage pays down your mortgage faster than a monthly mortgage for two reasons. extra payment andĪfter setting all parameters, you will immediately see the results in the summary table, in which you can check how your interest and repayment term would change by making bi-weekly mortgage payments. Bi-weekly payments for bi-weekly mortgage vs.Semi-monthly (bi-monthly) payments for bi-weekly vs.The bi-weekly mortgage payment calculator offers the following four options for comparison: Compounding frequency - How often the interest is computed on the outstanding principle.Upfront fee - Additional upfront payment.Mortgage points - Upfront payment as a percentage of the loan amount.In advanced mode you can access the following parameters: Use this option for a bi-weekly mortgage calculator with additional principal payments. Extra payment - The additional amount you pay in a given payment period.Interest rate - Yearly rate of interest or APR.Mortgage term - The remaining or original loan term. ![]()
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