Bi-Weekly Mortgage Calculator - Extra Payment
This bi-weekly mortgage calculator has more features than most including the ability to add an extra payment and print amortization schedules.
Use this calculator to figure how much interest you can save by making 1/2 of your mortgage payment every two weeks instead of a full payment monthly. The net effect is just one extra mortgage payment per year but the interest savings can be dramatic.Also, this calculator has the ability to add an extra amount (extra payment) to the monthly mortgage and turbo charge your interest savings. With this unique 4 column format you can compare scenarios side-by-side, print amortization schedules, and plan your payoff strategy. If you're not sure how much extra payment to add to payoff your mortgage by a given date try this mortgage payoff calculator here to figure the payoff in terms of time instead of interest saved.
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How Much Can You Save By Making Bi-Weekly Mortgage Payments?
Do you want to pay off your mortgage early?
Not sure where you will find the extra funds to make it happen?
Thankfully, you can significantly reduce your debt without feeling pinched by making biweekly mortgage payments.
This Bi-Weekly Mortgage Calculator makes the math easy. It will figure your interest savings and payoff period for a variety of payment scenarios.
You can make biweekly payments instead of monthly payments, and you can make additional principal payments to see how that also accelerates your payoff.
Each of these payment alternatives will take you closer to being debt free.
Here’s everything you need to know to get started . . . .
How Bi-Weekly Mortgage Payments Work
Making biweekly mortgage payments is a strategy that can help you save a lot of money in interest and pay off your mortgage early.
Instead of making one payment every month, you’ll be making a payment every other week. This bi-weekly pattern is distinct from a bimonthly mortgage payment which may or may not involve extra payments.
With a bi-weekly payment you’ll be be making 26 payments instead of 12 – albeit smaller payments. The net effect is similar to one extra monthly payment (13) per year.
The end result of paying every two weeks is you’ll be paying more every year, regardless of whether or not you make extra principal payments in addition to your biweekly payment. This requires little sacrifice, but reaps huge savings as you can see when you input your mortgage payment information into the Bi-Weekly Mortgage Calculator.
Are Bi-Weekly Payments Right For You?
Before you start bi-weekly payments make sure it is a good fit for your situation. Here are the important points to consider:
How To Set Up Bi-Weekly Payments
Once you’ve determined biweekly payments (and/or extra payments) are right for you, it’s time to set it up and start saving!
Many banks and mortgage companies will allow you to reconfigure your existing mortgage into a biweekly payment plan. You’ll need to call and ask because they typically don’t advertise this feature.
Alternatively, you can simply split your own mortgage payment in half, and pay that amount every two weeks. The end result will be the same, but you won’t have the ease of automation you might desire. However, verify with your bank first that this will still satisfy your payment terms and not cause a prepayment penalty or other problems.
If you choose to add extra principal to your required payments, you may have to check with your mortgage holder to find out if anything is required so that the extra money goes directly to principal instead of simply prepaying required payments.
The great thing about the bi-weekly mortgage payoff plan is you can easily reduce your mortgage loan term by 6 to 8 years.
In addition, if you are receiving your salary every two weeks it can actually be more convenient to use biweekly mortgage payments than monthly payments.
If you’re still confused whether this payment option is best for you, use the biweekly mortgage calculator above to help you see the total savings that you could be getting. Also, be sure to print out amortization payment schedules to keep you on track!
Bi-Weekly Mortgage Payment Calculator Terms & Definitions:
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