Bi-weekly Payments for an Existing Mortgage

This calculator shows you possible savings by using an accelerated bi-weekly mortgage payment. By paying 1/2 your monthly payment every two weeks, each year your mortgage company will receive the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest.

Using bi-weekly payments, you could repay your mortgage in LOAN_TERM1.*

Using bi-weekly payments also reduces your total interest payments from INTEREST_PAID0 to INTEREST_PAID1. This is a total interest savings of INTEREST_SAVINGS. **GRAPH**
  Bi-weekly Payments Monthly Payments
Mortgage amount LOAN_AMOUNT1 LOAN_AMOUNT0
Escrow amount ESCROW_MONTHLY_AMOUNT ESCROW_MONTHLY_AMOUNT
Extra payment PREPAYMENT_MONTHLY_AMOUNT PREPAYMENT_MONTHLY_AMOUNT
Interest rate INTEREST_RATE1 INTEREST_RATE0
Payment LOAN_PAYMENT1 debit** LOAN_PAYMENT0
Years to repay LOAN_TERM1 LOAN_TERM0
Total interest INTEREST_PAID1 INTEREST_PAID0
Interest savings INTEREST_SAVINGS*  
Compare to refinancing Using bi-weekly payments, you would pay the same amount of interest as refinancing your mortgage at RATE_FOR_INTEREST.*

*based on standard amortization, individual results may vary. We assume that no prepayments were made prior to the start of your bi-weekly payments. The interest rate comparison assumes that you refinance your outstanding mortgage balance with a new mortgage that has a term the same length as your original mortgage. In the case presented, this is REMAINING_BALANCE1 for LOAN_TERM0. No closing costs are taken into consideration, which could add to the cost of refinancing.

**does not include any administrative fees.

Current Mortgage Summary
Original mortgage amount LOAN_AMOUNT0
Original mortgage term LOAN_TERM0
Interest rate INTEREST_RATE0
Monthly escrow payment ESCROW_MONTHLY_AMOUNT
Monthly prepayment amount PREPAYMENT_MONTHLY_AMOUNT
First payment date FIRST_PAYMENT_DATE
Payments remaining PAYMENTS_REMAINING
Current mortgage balance REMAINING_BALANCE1

Mortgage payoff schedule

**REPEATING GROUP**

Bi-weekly Payments for an Existing Mortgage Definitions

Bi-weekly payments
Bi-weekly savings are achieved by simply paying your monthly mortgage payment every two weeks and making 1 1/2 times your monthly mortgage payment every sixth month. By the end of a year you would have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands of dollars in interest and take years off of your mortgage.
Mortgage amount
The total dollar amount for this mortgage.
Interest rate
The interest rate on this mortgage.
Original mortgage term
The number of years over which you would repay this loan if you made your normal monthly payment. The most common terms for mortgages are 15 years and 30 years.
First payment date
The date your mortgage started. We will use this date to calculate the time and balance remaining on your loan.
Monthly escrow amount (optional)
If you pay escrow, this is the monthly escrow amount due. With the bi-weekly program 1/2 of this amount will be paid every two weeks.
Monthly Prepayment amount (optional)
Prepayment increases your savings even more. An additional payment is strictly optional. If you are also prepaying, please include your monthly prepayment amount. With the bi-weekly program 1/2 of this amount will be debited every two weeks.


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