Monthly or Bi-Weekly Payments
Which is better – monthly or biweekly payments?
A biweekly mortgage allows you to make a mortgage payment every 2 weeks resulting in 26 payments per year versus 12 monthly payments per year, or the equivalent of 13 monthly payments. The result is a considerable reduction in the term of the mortgage, as well as savings in total interest paid.
We have rounded these figures according to standard mathematical practices. For exact figures, please consult a broker or financial advisor.
Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
What is the purchase price of the home you are interested in?
What is the interest rate of the new home loan?
Please enter an interest rate between 6 and 16.
This is the term of the mortgage. As you can see, on a 30 year mortgage, making biweekly payments will substantially reduce the term of the loan.
This is what your payment would be.
This is the total amount you will pay per year.
This is the total amount you will pay over the life of the loan.
This is the total interest you will pay on the loan.
This is the amount of interest you will save making biweekly payments.
Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.