Bi-Weekly Mortgage Calculator

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( Includes Optional Extra Payment & Amortization Schedule)

This bi-weekly mortgage calculator has more features than many including the ... reveal more directions ability to add an additional payment and print amortization schedules.

Use this calculator to figure just how much interest you can save by making 1/2 of your mortgage payment every two weeks instead of a full payment monthly. The net impact is simply one extra mortgage payment each year but the interest cost savings can be significant.

Also, this calculator has the ability to add an additional amount (extra payment) to the regular monthly mortgage and turbo charge your interest cost savings. With this special 4 column format you can compare circumstances side-by-side, print amortization schedules, and plan your payoff technique.

If you're not sure just how much additional payment to add to benefit your mortgage by a given date attempt this mortgage reward calculator here to figure the payoff in terms of time instead of interest saved.

And when you have actually executed your mortgage reward strategy then discover how to grow your wealth even quicker with this 5 lesson video series - absolutely complimentary!

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Bi-Weekly Mortgage Calculator

Current mortgage's beginning loan amount:
Current interest rate (%):.
Original loan term (months): Calc Months 5 years 10 years 15 years 20 years 25 years thirty years.
Total regular monthly payment (consisting of tax & insurance):.
Variety of payments currently made:.
Date next payment due: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038. Extra amount you could easily include to the payment each month: Email My Results. Click on this link Current mortgage payment less escrow:. Interest you have actually already paid:.
Current approximate balance of your mortgage:. Results Current Current Plus Extra Bi-Weekly Bi-Weekly plus Extra.

Mortgage payment:.
Years to pay off:.
Interest cost savings:. Payments eliminated:.
Total cost savings:. Equity after 5 years:. Equity after ten years:.
Balance years later on:
. Results (continued) Current Current plus Extra Bi-Weekly Bi-Weekly plus Extra.
Avg. monthly cost savings:.
Avg. annual cost savings:.
Equivalent rate of interest:. Savings years later: *. Payment Schedules: **. * Based upon a 10 %yield of the cash conserved
over the life of the loan
. ** Payment schedules might take a while to appear-- depending on the speed of your computer system and the variety of payments remaining." Discover The Comprehensive Wealth Planning Process Proven Through 20 +Years Of Coaching That Will Give You Complete Confidence In Your Financial Future "- Get a step-by-step action plan to attain monetary independence- totally customized to you.- How to live for fulfilment now, while developing wealth for the future. -No more procrastination. No more

confusion. Just progress and clearness. Expectancy Wealth Planning will show you how to develop a financial roadmap for the rest of your life and provide you all of the tools you need to follow it. Just How Much Can You Save By Making Bi-Weekly Mortgage

Payments? Do you wish to pay off your mortgage early? Unsure where you will discover the additional funds to make it take place? Thankfully, you can considerably reduce

your debt without feeling pinched by making biweekly mortgage payments

. This Bi-Weekly Mortgage Calculator makes the math easy. It will figure your interest savings and payoff duration for a range of payment situations. You can make biweekly payments instead of monthly payments, and you can make additional principal payments to see

how that also accelerates your payoff. Each of these payment options will take you closer to being financial obligation totally free. Here's whatever you need to know to start ... How

Bi-Weekly Mortgage Payments Work Making biweekly mortgage payments is a method that can assist you conserve a great deal of money in interest and settle your mortgage early. Instead of making one payment each month, you'll be making a payment

every other week. This bi-weekly pattern stands out

from a bimonthly mortgage payment which may or may not involve extra payments. With a bi-weekly payment you'll be be making 26 payments rather of 12 -albeit smaller payments. The net impact is similar to one extra monthly payment (13) each year. Related: Here's a clinical system to build your wealth now Completion result of paying every two weeks is you'll be paying more every year, despite whether you make additional principal payments in addition to your biweekly payment. This requires little sacrifice, however enjoys substantial cost savings as you can see when you input your mortgage payment information into this Bi-Weekly Mortgage Calculator. Are Bi-Weekly Payments Right For You? Before

you begin bi-weekly payments ensure it is a good fit for your circumstance. Here are the crucial points to consider: Do you plan to stay in your house enough time? If you prepare to remain in your home for a short time, like 5 to 7 years, then you might be much better off focusing your money in some other investment. Bi-weekly payments have a

larger effect when you stick with it long enough

to make a difference. Are you nearing your retirement? Using your retirement savings to accelerate your mortgage benefit involves complex analysis to determine what is best. There are tax considerations on both sides of the savings equation. It also involves estate preparation, asset protection, and far more than can be covered in this brief post. Please seek advice from a certified monetary professional if this is your scenario.
Are you paid enough every two weeks? Bi-weekly mortgage payments work best when you are paid every other week and your income is high enough to support the payment. It is simpler to match your largest expenditure( mortgage payment )to your income when the payment duration matches your pay duration. Similarly, if you are paid monthly then it is usually simpler to stick to a regular monthly payment duration and just include extra principal to accelerate your benefit. Have you inspected other investment alternatives? You must constantly invest your cash in whatever supplies the highest after tax return. Before accelerating your mortgage think about contending financial investment alternatives for developing equity. How To Set Up Bi-Weekly Payments Once you have actually determined biweekly payments( and/or extra payments) are best for you, it's time to set it up and begin saving! Many banks and mortgage companies will allow you to reconfigure your existing mortgage into a biweekly payment strategy. You'll require to call and ask because they normally do not promote this function. Alternatively, you can merely divide your own mortgage payment in half, and pay that amount every two weeks.
Completion result will be the same, however

you won't have the ease of automation you might prefer. However, confirm with your bank first that this will still satisfy your payment terms and not

cause a prepayment penalty or other issues. If you pick to add extra principal to your needed payments, you might need to contact your mortgage holder to discover if anything is needed so that the money goes straight to primary instead of just prepaying required payments. Final Thoughts The excellent feature of the bi-weekly mortgage benefit strategy is you can easily lower your mortgage loan term by 6 to 8 years. In addition, if you are receiving your salary every two weeks it can actually be more hassle-free to utilize biweekly mortgage payments than monthly payments

. Related: Why you require a wealth plan, not a monetary plan. If you're still confused whether this payment choice is best for you, utilize the biweekly mortgage calculator above to help you see the total savings that you might be getting. Also, be sure to print out amortization

payment schedules to

keep you on track! Bi-Weekly Mortgage Payment Calculator Terms & Definitions: Bi-Weekly Payments -Payments that occur when every 2 weeks. Mortgage Loan- The charging of genuine residential or commercial property by a debtor to a lender as security for a debt. Principal Amount- The overall amount borrowed from the loan provider. Interest- The percentage rate

charged for obtaining money. Payment- The quantity you spend for items

, services, or financial obligations sustained. Amortization Schedule- A table of all payments for the whole loan term showing each payment broken out into interest, principal, and remaining loan balance. Loan Term -The amount of time to pay the loan off. Due Date- The day on which payments are required. Borrower -An entity getting cash with a guarantee to

pay it back with interest. Lender -An entity that lends money to a person. Escrow - Money held by a 3rd party to pay a celebration that is owed, in this case, normally residential or commercial property taxes and insurance coverage. Extra Payment- Payments made above and beyond the needed quantity. Related Mortgage Calculators:
Mortgage Payment Calculator With Amortization Schedule: Just how much will my regular monthly mortgage payment be? Includes taxes, insurance, PMI, and amortization schedule for handy reference. Mortgage Payoff Calculator: Just how much extra payment should I make
monthly to pay off my mortgage by a specific date( and just how much interest will I conserve )? Mortgage Balance Calculator: What is my mortgage balance offered the variety of payments I've already made (or still need to make )? Mortgage Refinance Calculator: How long will it take to break-even on my refinancing costs and what will be my overall interest cost savings?
Interest Only Mortgage Calculator: How much lower will my payment be on an interest just home loan compared to a traditional principle and interest mortgage?
Second Mortgage Calculator - Consolidate Savings With Refinance: Just how much will I save consolidating my first and 2nd home loans into a new first home mortgage?
Rent vs. Buy Calculator: Should I lease or buy? What's the better offer?
Mortgage Affordability Calculator: How much house can I afford if I paid the same quantity in home mortgage as I pay in rent?
ARM Mortgage Calculator: How does an adjustable rate mortgage (ARM) compare to a set rate home mortgage over the life of the loan (as opposed to just the teaser payment)?
Balloon Mortgage Calculator: How much will I owe (balloon) at the end of the payment period?

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