Bi-weekly Payment Calculator

Calculate Bi-weekly / Monthly Payment Mortgage Loan

If you have preferred bi-weekly payment as your contribution frequency, you are supposed to make payments every second week. This particular calculator will show how you can reduce the overall term length of the mortgage loan by making bi-weekly payments and save your valuable money by cutting the interest payments.
Accelerated weekly and bi-weekly payments
The bi-weekly calculation considers your weekly calculation by considering 52 weeks in a year or 26 payments. The bi-weekly payment is calculated in an accelerated way by equally dividing your monthly payment by two. So, the normal yearly (12 months) payment is converted to 24 payments. At the end, you pay 2 additional bi-weekly payments which are equal to one additional monthly payment. Essentially, these last two extra payments are the reason your term length are reduced.
Mortgage amount
Total value of the mortgage loan.
Interest rate
The percentage Rate of interest charged on the mortgage amount.
Mortgage term
Duration of mortgage repayment. This is the allowed number of years to fully pay off the loan.

A large number of people are using the bi-weekly / monthly mortgage loan calculator on this website. Choosing bi-weekly mortgage payment plan calculator allows people to save a considerable amount on their total mortgage. The lenders and banks also positively encourage it. As economy seems to be on a runway, ready for a new flight, many mortgage holders are receiving letters from their mortgage services offering a chance to accelerate the payments.

Yet, there are a lot of people who are actually not yet aware of the plan nor the usage of the bi-weekly plan calculator.

If you have a mortgage, you may have received an invitation from a bank or mortgage servicing company to make your payments biweekly. If your mortgage servicing company and lenders are unable to explain what it is and why you should go for it, here is all you need to know before using a bi-monthly mortgage loan calculator.

Benefits of Bi-Weekly Payment Mortgage Plan

The rising number of users for our bi-weekly payment calculator indicates a rise in popularity of the plan. It is because of the benefits it can offer, take a look.

  • There is one major advantage; by making 13 payments a year, you can actually pay off the whole mortgage around six years earlier.
  • Secondly, frequent payments and shorter payoff time will help you save thousands of dollars in interest. The Bi-weekly payment calculator can help you determine how much you can save actually.
  • For many people, the two week schedule may coincide with their paycheck schedule.

Is it a good option for you?

Bi-weekly payment plan is excellent for those who receive two paychecks a month. However, even if you don’t, there may be some monetary advantage for you as well. This is largely due to the 13 payments a year schedule. However, before you use a bi-weekly payment calculator to find out your savings, there are a few questions you must ask yourself.

  • How long will you stay? Determine the duration of period you wish to stay in your home for. If you wish to stay for a short period of time then it may not be the best option.
  • Are you about to retire? It is important because most people would not want to spend their monthly retirement money of a bi-monthly plan.
  • What are you plans? You might want to save for your kid’s college or invest in business. Think these things through and find out whether accelerated pay offs will help these goals or make them harder to achieve.
  • Is there any other or better option? People might get overwhelmed with a plan just because it’s popular. Depending on your specific situation, another plan might offer better advantages.

Bi-weekly payment plan does offer benefits but it comes with a bigger price tag. The best way to find out whether it will work for you or not is if you use an efficient and up to date bi-weekly payment calculator. You will find the Bi-weekly payment calculator and many other useful tools in our calculators section.