This calculator will show you how much you will save if you pay 1/2 of your mortgage payment every
two weeks instead of a full mortgage payment once a month. Because there
are 52 weeks in a month you would actually be making 13 payments a year. But,
just this one extra payment can mean a big saving in the interest you will pay
over the remaining life of your mortgage. It will also pay your mortgage off much earlier!
Change to the principal balance of your mortgage: (No commas or dollar
signs)
(look on a recent mortgage statement)
Change to your monthly mortgage payment: (No commas or dollar signs)
Change to your mortgage's current interest rate: (no % sign)
Interest you will pay under your current monthly payment plan:
Interest you will pay if you switch to a bi-weekly mortgage payment plan:
Bi-weekly Mortgage Interest Savings:
Please note however that you can also achieve a big saving by just adding some money to your regular monthly payment. We suggest you include an extra check with a note asking that it be added to principal.
See how much you can save.
