How To Use The Biweekly Payment Calculator
Use our biweekly mortgage calculator to help you estimate your potential savings! This calculator is intended to help estimate a bi-weekly mortgage payment, and understand the amount of interest you may pay or save based on your loan amount, interest rate, and loan term. These numbers are meant only to help build a better idea of your financial situation as you build a budget for your mortgage.
- Budget for an affordable mortgage payment
- Compare biweekly and monthly payments to see interest savings
- Learn how extra payments can save you time and money
* Other factors such as existing debt, down payment, property taxes and mortgage insurance can end up affecting your payment amount.
Biweekly or monthly mortgage payments- what’s better?
If you pay your mortgage monthly (as most homeowners do), that equals 12 payments a year. So, if you start making biweekly payments, you will pay half your normal monthly mortgage amount once every two weeks. Since there are 52 weeks in a year, this works out to 26 payments (or essentially 13 monthly payments).
By paying 13 monthly payments over a 12-month time period, you’ll ultimately pay less total interest on your home loan and will lower your principal balance at a faster pace than if you just stuck with the traditional 12 payments a year.
Budget looking good? Great!
Get your mortgage consult with a Home Loan Specialist.