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 your about to discover, you will certainly notice the increased cash flow that will occur when you pay your mortgage off way ahead of schedule!
Mortgage calculators can be a great tool to help borrowers figure out everything from how much they can afford to what the monthly mortgage payment will be. When used With a qualified loans officer’s good faith estimate a borrower can be fairly sure what the actual numbers for their mortgage will be.
(DO NOT use commas or decimal, example: 100000)
(DO NOT use commas or decimal, example: 1000):
(principal and interest portion only):
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay if you switch to a bi-weekly mortgage payment plan: