This bi-weekly mortgage calculator has more features than most including the...show more instructions Mortgage rates can't get much lower! It's the perfect time to apply whether you hope to buy or refinance. Check today's best available mortage rates and see which
lenders are taking new applications: See Today's Best Available Rates → 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 WorkMaking 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 this 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:
Related: 5 Financial Planning Mistakes That Cost You Big-Time (and what to do instead!) Explained in 5 Free Video Lessons How To Set Up Bi-Weekly PaymentsOnce 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. Final ThoughtsThe 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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Next StepsMortgage rates can't get much lower! It's the perfect time to apply whether you hope to buy or refinance. Check today's best available mortage rates and see which lenders are taking new applications: See Today's Best Available Rates → How fast can you pay off mortgage with extra payments?This means you can make half of your mortgage payment every two weeks. That results in 26 half-payments, which equals 13 full monthly payments each year. Based on our example above, that extra payment can knock four years off a 30-year mortgage and save you over $25,000 in interest.
What happens if I pay $500 extra a month on my mortgage?If you paid an extra $500 per month, you'd save around $153,000 over the full loan term and it would result in a full payoff after about 21 years and three months.
What happens if I pay an extra $300 a month on my mortgage?You decide to make an additional $300 payment toward principal every month to pay off your home faster. By adding $300 to your monthly payment, you'll save just over $64,000 in interest and pay off your home over 11 years sooner.
What happens if I pay an extra $200 a month on my 30If you pay $200 extra a month towards principal, you can cut your loan term by more than 8 years and reduce the interest paid by more than $44,000. Another way to pay down your loan in less time is to make half-monthly payments every 2 weeks, instead of 1 full monthly payment.
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