How to Calculate a Weekly Mortgage Payment

If you don't think you can trust yourself to keep the cash you need for your mortgage payment in your bank account all month, a weekly or bi-weekly mortgage payment arrangement might work for you. In some cases you can schedule ACH (automated clearing house) payments from your checking account on a weekly basis to coincide with receipt of your paychecks. Paying on a weekly or bi-weekly basis also helps save you interest and cuts years off your loan in some cases. Figure out the amount you'll have to pay each week before scheduling payments.

Perform the calculation by hand. Simply divide your monthly payment by four (for instance a $500 per month payment equals $125 per week). This means that you'll make 52 payments during the year totaling $6,500 (52 weeks times $125 per week). If you paid the obligation monthly, the payments would total $6,000.

Use The Loan Index (see Resources) calculator to determine weekly mortgage payments for a loan. Enter the loan balance, interest rate and loan term to perform the calculation. The calculator displays your estimated weekly payment along with the total amount of interest you'll pay over the course of the loan.

Use the Bankrate mortgage calculator (see Resources) if you plan to make your mortgage payments on a bi-weekly basis. Enter your balance and interest rate as well as the number of years you have left for paying the loan if you were to pay it monthly. When you use this tool it not only calculates the bi-weekly payment, it also shows you a comparison table listing how much interest you'll save. The amortization table shows you how many years you'll shave off of your loan by paying bi-weekly.


  • Keep in mind that some mortgage companies may charge additional fees for making weekly or bi-weekly payments. Ask your mortgage company for a full explanation of terms before you set up this type of arrangement.

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About the Author

Louise Balle has been writing Web articles since 2004, covering everything from business promotion to topics on beauty. Her work can be found on various websites. She has a small-business background and experience as a layout and graphics designer for Web and book projects.