Bi-Weekly Mortgage Calculator
Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
Enter the your mortgage's current interest rate:
Interest you will pay under your current monthly payment plan:
Interest you will pay if you switch to a bi-weekly payment plan:
Bi-weekly Mortgage Interest Savings:
This calculator will show you how much you will save if you make 1/2 of your mortgage payment every two weeks instead of making a full mortgage payment once a month. In effect, you will be making one extra mortgage payment per year -- without hardly noticing the additional cash outflow. But, as you're about to discover, you will certainly notice the "increased" cash flow that will occur when you pay your mortgage off way ahead of schedule!
To use the calculator fill in the following fields:
Price, Sales Tax, Down Payment, Trade-In Value (if you are trading in a vehicle),
Amount Financed, Interest Rate, Loan Length, Payment Frequency
Then click the calculate button.
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