When you click View Report, the calculator will show a comparison between your monthly payment and the proposed bi-weekly payment. 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. 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. Why use the Bi-weekly Payment Calculator? Click the view report button to see all of your results. 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.īy changing any value in the following form fields, calculated values are immediately provided for displayed output values. Therefore, over the course of one year, you will have made 13 full payments – one more than if you were paying monthly. This means that you pay equal to one full payment every four weeks. With bi-weekly payments, you repay half of your normal monthly payment every two weeks, instead of every month. 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. 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.
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