To help determine whether or not you qualify for a home mortgage based on income and expenses, visit the Mortgage Qualifier Tool. Biweekly mortgage calculator with amortization schedule is a home loan calculator to calculate biweekly payments for your mortgage. The calculator also shows how much money and how many years you can save by making prepayments. If you're not sure what a biweekly early payoff plan is, or what you need to watch out for, or how to double your savings, please visit the original Biweekly Mortgage Payment Calculator to read answers to those questions. This calculator determines your mortgage payment and provides you with a mortgage payment schedule. To make this a biweekly payment, you’d simply cut the 2,095 monthly payment in half and pay that 1,047.50 every two weeks. n Number of Monthly Payments for 30-Year Mortgage (30 12 360, etc. P Principal Amount (initial loan balance) i Interest Rate. This calculator will calculate the weekly payment and associated interest costs for a new mortgage. biweekly side-by-side comparison of the payoff time frames, the interest costs, and the estimated payoff dates.Īnd finally, the biweekly extra mortgage payment calculator on this page also includes a printer-friendly report, which can include an optional biweekly mortgage amortization schedule. For those who want to know the math that goes into calculating a mortgage payment, we use the following formula to determine a monthly estimate: M Monthly Payment. For example, suppose a borrower has a 150,000 mortgage amortized over 25 years with an interest rate of 6.45 repaid in biweekly rather than monthly. This will result in significant savings on a mortgage. The calculator will calculate the time and interest savings that will occur if you switch from making monthly mortgage payments to paying 1/2 of your mortgage payment - plus an overpayment amount - every two weeks (the equivalent of 13 monthly payments per year instead of 12). Switching to a more frequent mode of payment, such as biweekly payments, has the effect of a borrower making an extra annual payment.
This free online calculator was created in response to numerous requests asking for the ability to add an extra or overpayment to each of the biweekly mortgage payments.