Got a mortgage? Still Making monthly payments?

Hmmmmmm.... Too Bad.

If you were making bi–weekly mortgage payments, you could save thousands of dollars and pay off your mortgage several years earlier. Bi–Weekly Mortgage Calculator will show you the difference

Bi–Weekly Mortgage Calculator
This calculator will show you how much you will save if you make 1/2 of your mortgage payment every two weeks instead of making a full mortgage payment once a month. In effect, you will be making one extra mortgage payment per year––without hardly noticing the additional cash outflow. But, as your about to discover, you will certainly notice the increased cash flow that will occur when you pay your mortgage off way ahead of schedule!
Enter the principal balance of your mortgage (call your mortgage lender and ask for the current payoff amount):
Enter the amount of your monthly mortgage payment: (principal and interest portion only):
Enter the your mortgage's current interest rate:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay if you switch to a bi–weekly mortgage payment plan:
Bi–weekly Mortgage Interest Savings:
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This free Bi–weekly Mortgage calculator will make it easy for you to find out just how quickly you can pay down the outstanding principal on a loan with relative ease by switching to Bi–weekly payments.

It doesn't mean that you will be making 2 monthly payments equaling double of your monthly mortgage. It means that when you divide your monthly mortgage payment in half and pay it every other week, you can accelerate mortgage payoff and save on interest payments.

Just input your variables and let this mortgage calculator surprise you with the amount of interest you can save by this one small change in your payment schedule. As for me, I will always welcome any way I can save myself pure interest payments!

Some of the terms further clarified:

• principal balance of your mortgage.The total amount of money borrowed for this mortgage, also referred to as the principal on the loan. It should be on your mortgage loan statement. One of only 3 variables for you to enter into the mortgage calculator.
• amount of your monthly mortgage payment.This is the monthly payment necessary to repay the loan over its lifetime if you were to choose a conventional, or more standard, mortgage. Also, one of only 3 variables for you to enter into the mortgage calculator.
• your mortgage's current interest rate.This is the annual interest rate on the mortgage. This is not the APR, which takes into account other costs associated with the mortgage. The last of the 3 variables for you to enter into the mortgage calculator.

The way it works is this: If you have an 8% 30-year mortgage of $150,000, and you've made a down payment of $20,000, the remaining principal is $130,000 and the monthly payment is $947.58. To apply the biweekly mortgage technique, simply divide the monthly payment amount by two and pay that amount every two weeks. In effect, you're making an extra payment each year. Seems insignificant, but the effects of biweekly mortgage payments are significant.

With monthly payments, your total interest payments would have been $220,897.

If you switch to a bi–weekly mortgage payment, your total interest will be $156,775. You will realize total interest savings of $64,122 and you will also pay off your loan a few years earlier.

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Disclaimer: This online Bi–weekly Mortgage calculator is made available and is meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.

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