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Homeownership is the American Dream and it is a dream that belongs to everyone. When you decide to purchase a home, you are really signing on for a long term commitment. This commitment should start even before you begin looking at properties. When looking for a home, most people have already established a certain criteria that they want in a home. Does it have a basement? How many bedrooms and bathrooms does it have? What is the square footage of the home? What condition is the house in? Does it have a big backyard in a nice neighborhood and hundreds of other important questions. Just like a home, a home mortgage loan has many different variables too. There are different types of loans, different types of interest rates as well as different lengths of loans. This information is more important than finding that perfect house, because even the most perfect home in the best location can be a homeowners nightmare if the loan terms are not right.
If you are a first time homebuyer or just someone that has never heard of a bi-weekly mortgage payment, than you are missing out. On a 30 year loan, by taking advantage of a bi-weekly payment option, you can shorten several year(s) off of your loan term. This not only helps pay off your mortgage faster, it also saves you a lot of money on the total amount of finance charges that you will pay over the life of the loan. Here is how the bi-weekly payment option works: lets say that you are financing a $50,000 mortgage loan for 30 years at an interest rate of 4.5%. If you used the traditional monthly payment option, you would pay around $253.34 a month. This means that every year, you would make a monthly payment of $253.34 * 12 months. However if you used the bi-weekly payment option, you would pay around $126.67 (50% of your monthly payment) every 2 weeks. This means that every year, you would make a bi-weekly payment of $126.67 * 26 weeks. The bi-weekly payment option allows you to make 1 full additional payment a year, saving you money in interest charges and cutting months to year(s) off of the life of the home loan.
Using mortgage calculators before you even start looking for a home can help ensure a smoother process. There are a lot of different scenarios with home loans, so use our Bi-Weekly Mortgage Payment Calculator below to help you calculate what your bi-weekly mortgage payment would be - based on the loan amount, interest rate and length of the loan that you provide. This calculator will also tell you how much total interest that you will pay over the life of the loan. Feel free to check out different loan scenarios by changing the different combinations of loan amounts, interest rates and loan term lengths. This will help you ensure that you get the mortgage terms and payment that are right for you and your unique situation. |
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