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.)