Bi-Weekly Mortgage Calculator

How much time and money will I save if I make bi-weekly payments on my mortgage?

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? This is, in effect, making one extra mortgage payment per year and will allow you to pay your mortgage off way ahead of schedule! This calculator will show what will happen if you also add an additional amount of money to the monthly amount you're currently paying.
Current mortgage's beginning loan amount:
Current interest rate (%):
Original loan term (months): Calc Months 5 years 10 years 15 years 20 years 25 years 30 years
Total monthly payment (including tax & insurance):
Number of payments already made:
Date next payment due:			Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 06 07 08 09 10
Extra amount you could comfortably add to the payment each month:
Current mortgage payment less escrow:
Interest you've already paid:
Current approximate balance of your mortgage:
Results	Current	Current Plus Extra	Bi-Weekly	Bi-Weekly plus Extra
Mortgage payment:
Years to pay off:
Interest savings:
Monthly payments eliminated:
Total payment savings:
Equity after 5 years:
Equity after 10 years:
Balance due after years:
Results (continued)	Current	Current plus Extra	Bi-Weekly	Bi-Weekly plus Extra
Average monthly savings:
Average annual savings:
Equivalent interest rate:
Cash available after years:*
Payment Schedules:**
*Based upon a 10% yield of the money saved over the life of the loan.
**Payment schedules may take a while to appear -- depending on the speed of your computer and the number of payments remaining.

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