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.
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