Bi-Weekly Mortgage Calculator With Payment Options
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 you're about to discover, you will certainly notice the "increased" cash flow that will occur when you pay your mortgage off way ahead of schedule! But wait, this calculator will even show you what will happen if you go one step further by adding an additional amount of money to the monthly amount you're currently paying.
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
30 years
Total monthly payment (including tax & insurance):
Number of payments already 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
98
99
00
01
02
03
04
05
06
07
08
09
10
Extra amount you could comfortably add to the payment each month:
Current mortgage payment less escrow:
Interest you've 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 savings:
Monthly payments eliminated:
Total payment savings:
Equity after 5 years:
Equity after 10 years:
Balance due after
years:
Results (continued)
Current
Current plus Extra
Bi-Weekly
Bi-Weekly plus Extra
Average monthly savings:
Average annual savings:
Equivalent interest rate:
Cash available after
years:*
Payment Schedules:**
*Based upon a 10% yield of the money saved over the life of the loan.
**Payment schedules may take a while to appear -- depending on the speed of your computer and the number of payments remaining.
©Copyright 2010 Brenda Jones Real Estate
Licensed in the State of Vermont
