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  ( Includes Optional Extra Payment & Amortization Schedule)
  
  This bi-weekly mortgage calculator has more features than most including the ... reveal more guidelines ability to add an additional payment and print amortization schedules.
  
  Use this calculator to figure just how much interest you can save by making 1/2 of your mortgage payment every 2 weeks instead of a full payment monthly. The net effect is just one extra mortgage payment per year however the interest cost savings can be remarkable.
  
  Also, this calculator has the ability to include an additional amount (additional payment) to the month-to-month mortgage and turbo charge your interest cost savings. With this unique 4 column format you can compare situations side-by-side, print amortization schedules, and prepare your payoff strategy.
  
  If you're not sure how much additional payment to contribute to benefit your mortgage by a given date try this mortgage payoff calculator here to figure the reward in terms of time instead of interest conserved.
  
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  Bi-Weekly Mortgage Calculator
  
  Current mortgage's start loan amount: Current rates of interest (%):. Original loan term (months): Calc Months 5 years ten years 15 years 20 years 25 years 30 years. Total month-to-month payment (including tax & insurance):. Variety of payments currently made:. Date next payment due: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038. Extra amount you could comfortably contribute to the payment each month: Email My Results. Click Here Current mortgage payment less escrow:. Interest you have actually currently paid:. Current approximate balance of your mortgage:. Results Current Current Plus Extra Bi-Weekly Bi-Weekly plus Extra.
  scubamom.com
  Mortgage payment:. Years to settle:. Interest savings:. Payments got rid of:. Total savings:. Equity after 5 years:. Equity after 10 years:. Balance years later on: . Results (continued) Current Current plus Extra Bi-Weekly Bi-Weekly plus Extra. Avg. monthly savings:. Avg. annual cost savings:. Equivalent rates of interest:. Savings years later on: *. Payment Schedules: **. * Based upon a 10 %yield of the cash saved over the life of the loan . ** Payment schedules may take a while to appear-- depending upon the speed of your computer and the variety of payments staying." Discover The Comprehensive Wealth Planning Process Proven Through 20 +Years Of Coaching That Will Give You Complete Confidence In Your Financial Future "- Get a detailed action plan to accomplish financial independence- totally individualized to you.- How to live for fulfilment now, while building wealth for the future. -No more procrastination. No more
  confusion. Just development and clarity. Expectancy Wealth Planning will show you how to produce a financial roadmap for the rest of your life and provide you all of the tools you require to follow it. How Much Can You Save By Making Bi-Weekly Mortgage
  Payments? Do you wish to settle your mortgage early? Not exactly sure where you will find the additional funds to make it happen? Thankfully, you can substantially lower
  your financial obligation without feeling pinched by making biweekly mortgage payments
  . This Bi-Weekly Mortgage Calculator makes the math simple. It will figure your interest cost savings and benefit period for a range of payment circumstances. You can make biweekly payments instead of monthly payments, and you can make additional principal payments to see
  how that also accelerates your payoff. Each of these payment alternatives will take you closer to being financial obligation free. Here's everything you require to understand to start ... How
  Bi-Weekly Mortgage Payments Work Making biweekly mortgage payments is a technique that can help you save a lot of cash in interest and settle your mortgage early. Instead of making one payment on a monthly basis, you'll be making a payment
  
  every other week. This bi-weekly pattern stands out
  
  from a bimonthly mortgage payment which may or might not include extra payments. With a bi-weekly payment you'll be be making 26 payments rather of 12 -albeit smaller sized payments. The net effect is similar to one extra regular monthly payment (13) per year. Related: Here's a scientific system to build your wealth now The end outcome of paying every 2 weeks is you'll be paying more every year, no matter whether or not you make extra primary payments in addition to your biweekly payment. This needs little sacrifice, but reaps big cost savings as you can see when you input your mortgage payment info into this Bi-Weekly Mortgage Calculator. Are Bi-Weekly Payments Right For You? Before
  you begin bi-weekly payments make certain it is a great fit for your circumstance. Here are the crucial points to think about: Do you prepare to stay in your house long enough? If you plan to remain in your house for a short time, like 5 to 7 years, then you might be better off focusing your money in some other financial investment. Bi-weekly payments have a
  larger impact when you stick with it long enough
  to make a difference. Are you nearing your retirement? Using your retirement savings to accelerate your mortgage benefit involves complicated analysis to determine what is finest. There are tax considerations on both sides of the savings formula. It also involves estate preparation, possession defense, and far more than can be covered in this brief article. Please speak with a qualified monetary expert if this is your situation. Are you paid enough every two weeks? Bi-weekly mortgage payments work best when you are paid every other week and your income is high enough to support the payment. It is much easier to match your biggest expense( mortgage payment )to your earnings when the payment duration matches your pay period. Similarly, if you are paid monthly then it is typically easier to stick to a month-to-month payment duration and simply include extra principal to accelerate your payoff. Have you examined other financial investment choices? You need to constantly invest your cash in whatever provides the greatest after income tax return. Before accelerating your mortgage consider completing financial investment alternatives for developing equity. How To Set Up Bi-Weekly Payments Once you've figured out biweekly payments( and/or additional payments) are best for you, it's time to set it up and start saving! Many banks and mortgage business will permit you to reconfigure your current mortgage into a biweekly payment strategy. You'll require to call and ask since they normally don't advertise this function. Alternatively, you can merely split your own mortgage payment in half, and pay that quantity every two weeks. Completion outcome will be the very same, however
  
  you will not have the ease of automation you may want. However, verify with your bank first that this will still please your payment terms and not
  trigger a prepayment penalty or other issues. If you pick to include additional principal to your needed payments, you might need to consult your mortgage holder to discover if anything is needed so that the extra money goes directly to primary instead of just prepaying needed payments. Final Thoughts The excellent thing about the bi-weekly mortgage benefit plan is you can easily lower your mortgage loan term by 6 to 8 years. In addition, if you are receiving your income every two weeks it can in fact be more practical to use biweekly mortgage payments than monthly payments
  . Related: Why you need a wealth plan, not a monetary strategy. If you're still baffled whether this payment choice is best for you, use the biweekly mortgage calculator above to help you see the total cost savings that you could be getting. Also, be sure to print out amortization
  payment schedules to
  keep you on track! Bi-Weekly Mortgage Payment Calculator Terms & Definitions: Bi-Weekly Payments -Payments that happen once every two weeks. Mortgage Loan- The charging of genuine residential or commercial property by a debtor to a creditor as security for a financial obligation. Principal Amount- The total amount obtained from the loan provider. The percentage rate
  charged for borrowing cash. Payment- The amount you pay for products
  
  , services, or financial obligations incurred. Amortization Schedule- A table of all payments for the entire loan term revealing each payment broken out into interest, principal, and remaining loan balance. Loan Term -The quantity of time to pay the loan off. Due Date- The day on which payments are needed. Borrower -An entity receiving cash with a guarantee to
  
  pay it back with interest. Lender -An entity that lends cash to a person. Escrow - Money held by a 3rd celebration to pay a celebration that is owed, in this case, typically residential or commercial property taxes and insurance. Extra Payment- Payments made above and beyond the required amount. Related Mortgage Calculators: Mortgage Payment Calculator With Amortization Schedule: Just how much will my month-to-month mortgage payment be? Includes taxes, insurance coverage, PMI, and printable amortization schedule for convenient referral. Mortgage Payoff Calculator: Just how much extra payment should I make monthly to settle my mortgage by a particular date( and just how much interest will I conserve )? Mortgage Balance Calculator: What is my mortgage balance provided the variety of payments I've currently made (or still require to make )? Mortgage Refinance Calculator: How long will it require to break-even on my refinancing expenses and what will be my overall interest cost savings? Interest Only Mortgage Calculator: Just how much lower will my payment be on an interest only mortgage compared to a conventional principle and interest mortgage? Second Mortgage Calculator - Consolidate Savings With Refinance: Just how much will I save combining my first and second mortgages into a new first mortgage? Rent vs. Buy Calculator: Should I lease or purchase? What's the much better offer? Mortgage Affordability Calculator: How much home can I pay for if I paid the exact same quantity in home mortgage as I pay in lease? ARM Mortgage Calculator: How does an adjustable rate home mortgage (ARM) compare to a fixed rate mortgage over the life of the loan (rather than simply the teaser payment)? Balloon Mortgage Calculator: How much will I owe (balloon) at the end of the payment period?
  
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