Mortgage Bi-Weekly Calculator

If you have preferred bi-weekly payment as your contribution frequency, you are supposed to make payments every second week. This particular calculator will show how you can reduce the overall term length of the mortgage loan by making bi-weekly payments and save your valuable money by cutting the interest payments.

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Accelerated weekly and bi-weekly payments
The bi-weekly calculation considers your weekly calculation by considering 52 weeks in a year or 26 payments. The bi-weekly payment is calculated in an accelerated way by equally dividing your monthly payment by two. So, the normal yearly (12 months) payment is converted to 24 payments. At the end, you pay 2 additional bi-weekly payments which are equal to one additional monthly payment. Essentially, these last two extra payments are the reason your term length are reduced.
Mortgage amount
Total value of the mortgage loan.
Interest rate
The percentage Rate of interest charged on the mortgage amount.
Mortgage term
Duration of mortgage repayment. This is the allowed number of years to fully pay off the loan.