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Bi-Weekly Mortgage vs. Monthly Mortgage Calculator

With bi-weekly mortgage payments,
you pay half of the monthly mortgage payment every 2 weeks, rather a full monthly balance once a month. This could be equated to 13 monthly payments a year, which can result in faster payoff and lower overall interest costs. For example, the biweekly mortgage payment process can pay off a $200,000 30 year fixed loan at 7% in approximately 24 years (75 months sooner than a standard payment plan), with a total of $68,925 in interest savings.

Your lender might offer several biweekly payment options, where you make a payment that equals half of your normal monthly payment every two weeks. There is a considerable difference between different payment plans, so you should check with the lender to find out how they will treat your biweekly payments, exactly.

In order to set up a true biweekly (or simple interest biweekly) payment schedule, you must have a lender that will immediately credit each 1/2 monthly payment upon receipt. The lender must calculate interest for two-week intervals and apply the biweekly payments less the interest to reduce principal every two weeks.
To calculate the savings gained by using a bi-weekly mortgage payment program please use a by-weekly mortgage payment vs. monthly mortgage calculator below.

Accelerated Bi-weekly Mortgage vs. Monthly Mortgage

Principal

You can also specify:

Interest Rate (%)

Annual Taxes

Loan Term in Years

Annual Insurance

 
Bi-weekly Taxes 
Monthly Taxes 
Bi-weekly Insurance 
Monthly Insurance 
Bi-weekly Mortgage 
Monthly Mortgage 
Total Bi-weekly Payment 
Total Monthly Payment 
Bi-weekly Payments (1 yr) 
Monthly Payments (1 yr) 
Actual Amortization 
Actual Amortization 
Total Bi-weekly Interests 
Total Monthly Interests 
Total Bi-weekly Loan Cost 
Total Monthly Loan Cost 
Interest savings: 
(with an accelerated bi-weekly mortgage.)

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