Calculate Bi-weekly Payments for an Existing Mortgage

Calculate Bi-weekly Payments for an Existing Mortgage

Calculate Bi-weekly Payments for an Existing Mortgage

This calculator shows you possible savings by using an accelerated bi-weekly mortgage payment. By paying 1/2 your monthly payment every two weeks, each year your mortgage company will receive the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest.

Bi-weekly Payments for an Existing Mortgage
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Bi-weekly payments

Bi-weekly savings are achieved by simply paying 1/2 your monthly mortgage payment every two weeks and making 1 1/2 times your monthly mortgage payment every sixth month. 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.

Mortgage amount

The total dollar amount for this mortgage.

Interest rate

The interest rate on this mortgage.

Original mortgage term

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.

First payment date

The date your mortgage started. We will use this date to calculate the time and balance remaining on your loan.

Monthly escrow amount (optional)

If you pay escrow, this is the monthly escrow amount due. With the bi-weekly program ½ of this amount will be paid every two weeks.

Monthly Prepayment amount (optional)

Prepayment increases your savings even more. An additional payment is strictly optional. If you are also prepaying, please include your monthly prepayment amount. With the bi-weekly program ½ of this amount will be debited every two weeks.

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Using bi-weekly payments can accelerate your mortgage payoff and save you thousands in interest. Use this calculator to compare a typical monthly payment schedule to an accelerated bi-weekly payment.

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Interest and points paid for a home mortgage are tax deductible. Use this calculator to determine how much your mortgage could save you in income taxes.

Graduated Payment Mortgage
Graduated Payment Mortgage

A graduated payment mortgage, or GPM, is a mortgage with a fixed interest rate that starts with a low monthly payment that increases with time until it eventually levels off and remains fixed through the remainder of the mortgage term.

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