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![]() ![]() ![]() If you're not sure what a biweekly early payoff plan is, or what you need to watch out for, or how to double your savings, please visit the original Biweekly Mortgage Payment Calculator to read answers to those questions. For purposes of amortization, the calculator assumes you will make one extra bi-weekly payment every six months, regardless of when those. Your bi-weekly payment will simply be half of what a monthly payment would be for the same loan. biweekly side-by-side comparison of the payoff time frames, the interest costs, and the estimated payoff dates.Īnd finally, the biweekly extra mortgage payment calculator on this page also includes a printer-friendly report, which can include an optional biweekly mortgage amortization schedule. The calculator will figure your bi-weekly mortgage payments for fixed-rate mortgages of up to 40 years. The calculator will calculate the time and interest savings that will occur if you switch from making monthly mortgage payments to paying 1/2 of your mortgage payment - plus an overpayment amount - every two weeks (the equivalent of 13 monthly payments per year instead of 12). ![]() Assuming a 6.5 interest rate and biweekly payments of 252, you would pay off your mortgage in a little over 24 years, or about six years early. But if you make biweekly mortgage payments, you will be making what equates to 13 monthly payments each year. This free online calculator was created in response to numerous requests asking for the ability to add an extra or overpayment to each of the biweekly mortgage payments. With a 30-year mortgage, it will normally take you 30 years to pay this off. ![]()
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