Biweekly Payment Calculator



Welcome to BiWeeklyPaymentCalculator.com, where you can determine how much money you would save by paying your mortgage on a bi-weekly payment plan versus the traditional once a month payment plan.  Many people do not realize that they could save hundreds, if not thousands, of dollars a year if they paid their mortgage on a bi weekly basis every month.  The Bi Weekly mortgage calculator below shows you how much interest you pay under the current payment plan versus how much interest you pay under the bi-weekly payment plan.  The difference in interest equals your monthly cost savings.  
BiweeklyPaymentCalculator.com
Benefits of Bi-Weekly Mortgage Payments

Here are some things that a bi-weekly mortgage schedule can do:

The mortgage will be paid off faster. A 30-yar mortgage can be paid off in about 22 years.

Equity will build in the home more quickly.

The homeowner can arrange to have payments taken directly from the homeowner’s bank account automatically.

The homeowner will save thousands of dollars over the term of the mortgage. For example: By paying biweekly on a 3o-year fixed rate mortgage of $100,000 at 6.5% interest, the homeowner could save over $30,000.
In order for the homeowner to build equity in their home at a faster pace, the homeowner must have a lender that will credit half of the monthly payment immediately. If the lender waits until the next payment has been received before crediting it to the loan, the homeowner will never see the benefits. Many lenders decide to hold partial payments in an account until the rest of it is received. This is the case in which the homeowner will not benefit from half payments.

Many companies will make the offer to convert a mortgage to a bi-weekly payment plan with a fee. The lender will automatically withdraw the payments from the homeowner’s bank account every two weeks. It is important to read the small print associated with this. Many of them only pay the lender once every month, so that extra payment doesn’t get applied to the loan until the end of the year. In the meantime, the company earns interest on the homeowner’s money in addition to charging the homeowner a fee that can seem high at times.

The bi-monthly mortgage can be something to watch out for because it is not the same as the bi-weekly mortgage. A bi-monthly mortgage does not have the same results as a bi-weekly one because the homeowner pays half of the monthly mortgage twice instead of every two weeks. This means an extra payment is not made. There is a difference between saving only a single month’s interest instead of seven year’s interest.
In order for the homeowner to build equity in their home at a faster pace, the homeowner must have a lender that will credit half of the monthly payment immediately. If the lender waits until the next payment has been received before crediting it to the loan, the homeowner will never see the benefits. Many lenders decide to hold partial payments in an account until the rest of it is received. This is the case in which the homeowner will not benefit from half payments.

Many companies will make the offer to convert a mortgage to a bi-weekly payment plan with a fee. The lender will automatically withdraw the payments from the homeowner’s bank account every two weeks. It is important to read the small print associated with this. Many of them only pay the lender once every month, so that extra payment doesn’t get applied to the loan until the end of the year. In the meantime, the company earns interest on the homeowner’s money in addition to charging the homeowner a fee that can seem high at times.

The bi-monthly mortgage can be something to watch out for because it is not the same as the bi-weekly mortgage. A bi-monthly mortgage does not have the same results as a bi-weekly one because the homeowner pays half of the monthly mortgage twice instead of every two weeks. This means an extra payment is not made. There is a difference between saving only a single month’s interest instead of seven year’s interest.
Biweekly Payment Calculator