Input your Principal loan balance, Interest rate and Loan Term:
Principal Loan Balance:
You can also specify:
Interest Rate (%):
Annual Taxes:
Amortization, in Years:
Annual Insurance:
Monthly Principal and INTEREST
Monthly Taxes
Monthly Insurances
Total Monthly Payment
ByWeekly Principal and INTEREST
(Monthly amount / 2)
Summary
Interest you will pay with a MONTHLY mortgage payment plan:
Interest you will pay with a BI-WEEKLY mortgage payment plan:
Bi-weekly Mortgage Interest Savings:
If you choose a bi-weekly mortgage payment system you are, in essence, choosing to add a 13th monthly payment to your annual number of monthly payments, and splitting it up between 26 bi-weekly payments. You will pay a little more per month with the bi-weekly payment system, but the total INTEREST paid on the loan will be the lowest.
By adding a 13th annual monthly payment to your annual number of monthly payments and spreading that extra monthly mortgage payment into bi-weekly mortgage payments...
Means that by paying an extra
every two weeks
you will pay off your mortgage loan in
months
instead of the current
your mortgage interest savings will be
Do you really want to give an extra
to the bank?
