An Example of a Bi-weekly Mortgage Calculator to
Help you Understand
Seeing an example of a bi-weekly mortgage calculator will
show just how powerful this mortgage program really is! This
program allows you to pay every two weeks on your mortgage
instead of every month. With 52 weeks in a year you make
13 payments instead of the normal 12 mortgage
payments per year!
This extra yearly payments pays big dividends such
Example of a Bi-weekly Mortgage Calculator
- pays off your mortgage approximately 7 years sooner
- lowers the total amount of interest you pay
- cancel PMI sooner
- helps build equity faster
If you have a standard 30 year mortgage with a $100,000 mortgage
payment at 7% interest; over the course of your mortgage you will
pay $139,508.90 in interest in addition to the original $100,000
By using a bi weekly mortgage calculator and
program; however you can reduce both the term of the loan and the
amount of money that you pay in interest.
Consider this :
With this same loan for $100,000 at 7% interest on a 30 year
mortgage using a bi-weekly mortgage calculator and program
you can save almost $35,500 in interest over the course of
your loan and shave a whopping 78 payments from your mortgage.
That’s a lot of money and time that you can
There is only one problem with divvying up your
monthly mortgage payment and sending it in halves every two weeks.
It could create a problem with the account processing department at
your mortgage company.
They expect to receive a full payment once a month instead of half
payments every two weeks.
That’s no reason to give up on the idea; however.
The huge cost savings is well worth it!
A bi-weekly mortgage concept has become so popular
that many mortgage companies have voluntarily instituted programs
so that homebuyers can take advantage of this program without fear
that their mortgage payment will either be mishandled or wrongly
Biweekly mortgage programs have also proven to be
beneficial for those individuals who would like to participate in
such a concept but who generally lack the discipline to routinely
send in a half payment every two weeks.
While mortgage companies do tend to charge a fee
for the operation of such a program, the cost is relatively minor
in comparison to the thousands of dollars you are likely to save in
interest payments over the life of your mortgage.
Even if your mortgage company doesn’t offer a
biweekly mortgage program you may still be able to sign up for a
program that allows you to make biweekly payments and not worry
about slacking off after awhile.
This is important because studies have shown that
only about 3% of consumers will actually take the initiative
on their own to use a biweekly mortgage payment calculator
and send in biweekly mortgage payments if not prompted through a
Of that 3% only about 1% will continue to do
so over the course of the loan!
To make sure you stay on track and continue making
those payments that can pay off so handsomely in the end, you might
consider enrolling in a 3rd party service that works with
your mortgage company to restructure your payments so that you can
take advantage of the benefits of a bi-weekly mortgage
calculator and program!
For more mortgage calculator tips click here.
Go to this bi-weekly mortgage
calculator and see just how unbelievable the savings can
- biweekly mortgage calculator
A Bi Weekly Mortgage Calculator shows you How to Save Thousands!A Biweekly Mortgage Calculator will help you find out How to Save Thousands of Dollars and Years on your Mortgage!