BiWeekly Payment CalculatorUse this loan payoff calculator to payoff your mortgage early... Want to figure how much you can save if you make biweekly payments? This loan payoff calculator estimates your savings in months, years and interest. 
By paying your mortgage biweekly, you will pay off your loan quicker and save a substantial amount of interest. If you want to see how much you would save, just plug in the numbers and this mortgage calculator will show you.When you use this biweekly payment calculator, you may find yourself acting like this man jumping up and down. He's excited to see his savings! How is this possible? When you pay 1/2 of your mortgage payment every two weeks (biweekly), you will have essentially made 13 monthly payments in a year instead of 12. This is an almost painless way to prepay your mortgage. In a sense you could call this a prepayment mortgage calculator. Give it a try, the savings will surprise you. How to Use This Prepay Mortgage CalculatorPut in the original loan amount you started your mortgage with. Now put in your interest rate. Then put in the number of months you have for your mortgage. A 30 year fixed-rate mortgage would be 360 months. So you would put in 360 in the months cell. If you have been paying on your mortgage for a number of years, put in your balance that you owe. Put in your interest rate. Then put in the number of months you have left on the mortgage. Note: It will take some calculation to figure the number of months you have left on your mortgage. If you have 360 month mortgage, and paid for 5 years, then you would subtract 60 months from the 360. So you would put 300 months in the month section. You will see how much you will pay every two weeks on your mortgage. The next two boxes will show your savings in money and interest when you compare to the actual you would have paid recorded in the boxes above. The next row shows you how many months you would have saved off the end of your mortgage, then years, and finally the interest you would have saved! What a difference this biweekly payment calculator can make! Wonderful Loan Payoff CalculatorThis loan payoff calculator is quite an eye opener! Your making the save payment every month. You are just paying it every two weeks instead of monthly. As I mentioned earlier on this page, every two weeks is actually 13 months. So its like paying an extra month on your principal each year. This is a simple way to make extra principal payments without hardly feeling it. Just use this calculator to figure how much you have to pay every two weeks to accomplish this. You could actually set this biweekly payment up as automatically coming out of your checking account. Wouldn't it be wonderful to have your mortgage paid off early! Leave BiWeekly Payment Calculator and return to Mortgage Calculators main page.
Would You Like Your Own Website?
Click Here for FREE Details. © 2005-2011 All Rights Reserved Powered By SBI!  |
Most Popular Pages
Looking for some First Time Home Buyer Programs? This page reveals where they are and how they work.
Discover the coolest information on FHA loans for the First Time Home Buyer. Do you know which one is best for you?
Real zero down home loans are hard to find. Revealed here are true no money down loans saving you money. Government program.
Understanding how credit scores work is the beginning of the mortgage process. Know your credit scores before you apply for a mortgage. Many free details found on this page.
Follow Us on Twitter
First Time Home Buyer Solutions