Bi-weekly Payment Calculator
Regardless of the type of mortgage, borrowers usually have the option to prepay on the principal balance of the mortgage in order to pay off the mortgage faster than the established term of the mortgage. Making bi-weekly payments on your mortgage greatly reduces the time it takes to fully repay your loan, and significantly reduces the total amount of interest paid. With bi-weekly payments, you repay half of your normal monthly payment every two weeks, instead of every month. This means that you pay equal to one full payment every four weeks. Therefore, over the course of one year, you will have made 13 full payments – one more than if you were paying monthly. This is mutually beneficial to the lender and the borrower; the lender gets an extra payment each year and the borrower not only repays their debt faster, but repays significantly less.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
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Bi-weekly Payment Calculator Inputs
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Accelerated repayments payoff mortgage in 25.6 years.
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Accelerated weekly and biweekly payments
Accelerated weekly and accelerated biweekly payment options are calculated by taking a monthly payment schedule and assuming there are only four weeks in a month. We calculate an accelerated biweekly payment, for example, by taking your normal monthly payment and dividing it by two. Since you would pay 26 biweekly 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 biweekly payments, you are in effect paying an additional monthly payment each year.
The total dollar amount for this mortgage.
The interest rate on this mortgage.
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.
Why use the Bi-weekly Payment Calculator?
The bi-weekly payment calculator will help you to calculate the amount of money that you will save by paying your mortgage on a bi-weekly basis instead of a monthly basis. Making one extra payment each year can shave years off your mortgage and save you thousands of dollars in interest – our calculator can tell you exactly how much you stand to save.
When you click View Report, the calculator will show a comparison between your monthly payment and the proposed bi-weekly payment. This calculator also displays the length of time it will take to repay you loan and the total interest that you will pay on a bi-weekly payment schedule compared to a monthly mortgage payment.
How to use the Bi-weekly Payment Calculator
Not sure where to start? Let us help you:
- Input your mortgage rate by using the slider or simply typing it into the box
- Enter the amount you are borrowing on your mortgage
- Choose the number of years you plan to take to repay your mortgage
- Choose from the drop-down whether you would like to calculate your savings based on a weekly or bi-weekly payment plan
- Click View Report for a breakdown of your potential savings.
Who is this calculator for?
The Bi-Weekly Payment Calculator is most useful if you:
- Are considering a bi-weekly payment plan and would like to establish how much you stand to save
- Want to compare the amount of interest you will pay between monthly repayments and bi-weekly payments
- Are in a strong enough financial position to make an extra payment each year.
Example: Bi-weekly payment savings
For example, a fixed-rate mortgage of $120,000 at 5% interest over 25 years will require a monthly repayment of $701.51. A bi-weekly payment would be half of that = $350.76. Over the course of a year you will make 26 payments of $350.76, totalling $9,120 – whereas with 12 standard monthly payments you would pay only $8,418. This means the debt will be fully paid off within 21.5 years instead of 25, netting you a $14,610 saving on interest payments! You can click "Get FREE Quote" now to find local providers offering this option and enjoy some major savings on your home loan.
If bi-weekly payments save so much money, why doesn’t everyone use them?
When you make bi-weekly payments, there will be two months a year where you have to come up with the extra money it takes to make that third half-payment. For that reason, bi-weekly payments often work best for people who are paid on a weekly or bi-weekly basis, rather than once or twice a month.
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