If you're paid bi-weekly and you want to pay off your mortgage faster than planned, you may want to consider bi-weekly mortgage payments. With this type of arrangement you pay half your mortgage payment twice per month. This results in 13 yearly payments instead of 12. Use an online tool to calculate your savings from paying every other week.
Use the bi-weekly mortgage calculator offered by Mortgage-calc to calculate your results from paying your mortgage off every two weeks. Enter the basic terms of your loan (principal, rate and term) to perform the analysis. The tool produces a simple chart with two columns that shows your amortization (how to the balance decreases) for a standard monthly payment plan and in the case of bi-weekly payment. See your total interest savings at the bottom.
Calculate your bi-weekly mortgage using DecisionAide's tool. Enter your basic loan information in the first three boxes and click the "Display Bi-weekly Payment Benefits" button to display a comparison chart. The chart lists details about the loan if you make monthly payments and if you send money bi-weekly. View the total amount of interest savings and the exact number of months you'll shave off your loan term with a bi-weekly plan.
Find out the benefits of bi-weekly payment using the vLender calculator. Insert your basic terms to view the amortization table for both options (monthly or bi-weekly) directly below the input boxes. At the bottom of the table see a "Final Summary" listing the bi-weekly payment amount and the number of years it will take you to pay off the loan if you choose this method.