The bi weekly mortgage payment calculator calculates how much a home loan borrower will pay over the life of a mortgage loan when loan payments are made bi-weekly. The bi weekly mortgage payment calculator also shows how much interest can be saved by prepaying the principal through a bi weekly scheduled payment.
There are several options for home loan borrower to reduce the total interest charges over the term of a mortgage loan. Bi weekly mortgage payments is just one of these options. With bi-weekly payments, the home loan borrower pays half of the monthly mortgage payment every 2 weeks, rather than the full balance once a month. The bi weekly mortgage calculator will show how much will be saved on the home loan if the borrower makes 1/2 of their mortgage payment every two weeks instead of making a full mortgage payment once a month.
By making ½ of the monthly mortgage payment every two weeks, this accelerates the payment of the mortgage because at the end of a 12 month period, the borrower will have made 13 mortgage payments instead of 12 mortgage payments. With the bi-weekly mortgage, the borrower is making the equivalent of an extra payment each year. That extra payment amount goes toward the principal of the loan and reduces the loan balance faster than a traditional monthly mortgage payment. Since the homeowner is reducing the amount of the loan balance quicker, they are also reducing the amount of interest paid over the life of the loan.
The bi-weekly payment calculator will help the user calculate the amount of interest that they will save by paying a mortgage on a bi-weekly basis instead of a monthly basis. This mortgage calculator will also show what the monthly payment will be compared to the amount of the payment that would need to be made every two weeks. This free mortgage calculator further compares the total interest that will be paid if a borrower pays their mortgage on a bi-weekly payment schedule compared to a monthly mortgage payment.
With the bi weekly mortgage payment calculator calculates, the user needs to enter the principal amount of the mortgage loan, the mortgage interest rate and the loan term and the mortgage calculator will calculate how much the monthly payments will be, and how much savings can be obtained with bi-weekly mortgage payments.
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