 
| Home: Mortgage Monthly Payment vs. Bi-Weekly Payment Calculator |
| 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. Paying off that long term commitment is a big accomplishment. It is such an awesome feeling when you make that final mortgage payment and your home finally becomes yours free and clear of anymore mortgage payments.
Did you know that there is a faster way to payoff your home mortgage? A bi-weekly mortgage payment option is a very simple way to take months or even years off your home mortgage and save you thousands of dollars in total interest over the life of the loan. For those of you that do not know or understand the bi-weekly payment option, the bi-weekly mortgage payment option simply means that you are going to make a half payment every 2 weeks. With the traditional monthly payment option, you will make 12 full monthly payments a year. With a bi-weekly payment option, you will make 26 half payments a year. This amounts to 1 full extra payment a year. This one payment may not sound like it can amount to much but it really adds up. If you had a $100,000 mortgage with a 7.25% interest rate for 30 years, your monthly mortgage payment would be $682.18 and you would pay $145,580.03 in total interest. The same loan paid on a bi-weekly payment option would have a $341.09 bi-weekly payment and you would pay $108,370.23 in total interest. The bi-weekly payment option would save you $37,209.80 in total interest and you would pay it off 6 years and 4 months sooner. All because you made 1 full extra payment a year.
Something that you should keep in mind, not all lenders will accept bi-weekly payments or they will only accept partial payments at certain times. So you will either need to talk with your lender to see if the bi-weekly payment option is possible or enroll into some kind of bi-weekly mortgage saver program. There are a lot of different scenarios with home loans that can help you speed up the process of paying your mortgage balance off. Use our Mortgage Monthly Payment vs. Bi-Weekly Payment Calculator to help you calculate how many payments you have left, how much time it will take to payoff your mortgage balance and how much interest you will end up paying. Feel free to check out different loan scenarios by changing your mortgage payments. This will help ensure that you get your home mortgage paid off the fastest and pay the least amount of money in total interest charges.
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Mortgage Monthly Payment
vs. Bi-Weekly Payment Calculator |
| | Please enter the monthly payment (e.g. 400), the balance (e.g. 75000) and the interest rate (e.g. 4.5) that you pay on the loan. |
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| * This calculator is considered reliable, but results cannot be guaranteed. |
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