Bi-weekly Mortgage Payment Calculator Overview
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 in a shorter period of time than the term that the mortgage has been established. Many mortgage companies allow borrowers to prepay without penalty, but some lenders will penalize prepayments of the principal balance by charging the borrower a percentage of the payoff amount. It is important that you understand the terms of the mortgage to make sure that you will not be charged any type of prepayment penalty.
The bi-weekly payment calculator below will help calculate the amount of 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. Click on the "View Report" button to see your savings!