Bi-weekly Payments for an Existing Mortgage

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The bi-weekly payment calculator for an existing mortgage will help you to calculate the amount of interest that you will save by paying your existing mortgage on a bi-weekly basis instead of a monthly basis. This calculator will also show the bi-weekly payment amount that you will need to make compared to the monthly mortgage payment that is currently being made. This calculator further compares the total interest that you will pay if you pay your mortgage on a bi-weekly payment schedule compared to the monthly mortgage payment that you are currently making.

Bi-weekly Payments for an Existing Mortgage Overview

The bi-weekly payment calculator below will help borrowers that have an existing mortgage to calculate the amount of interest savings that the borrower will enjoy by making their mortgage payments every two weeks instead of just once a month. In order to figure out what the bi-weekly payment would be, just divide the monthly mortgage payment by 2. This is the payment that will need to be made every two weeks in a bi-weekly program. This accelerates the payment of your mortgage because at the end of a 12-month period, you will have made 13 mortgage payments instead of 12 mortgage payments. Basically, you will make one extra payment per year, can shave years off your mortgage and save you thousands of dollars in interest.