Bi-Weekly Mortgage Payment Calculator

Welcome to the Bi-Weekly Mortgage Payment Calculator. This tool helps you understand how switching to bi-weekly payments can save you money over the life of your loan.

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Monthly Payment: $0.00

Bi-Weekly Payment: $0.00

Tips for Managing Your Mortgage

  • Consider making extra payments to reduce your principal faster.
  • Review your mortgage terms regularly to ensure they still meet your needs.
  • Stay informed about interest rate changes that could affect your payments.

Frequently Asked Questions

What is a bi-weekly mortgage payment?

A bi-weekly mortgage payment plan involves making half of your monthly payment every two weeks. This results in 26 half-payments, or 13 full payments, each year.

How does a bi-weekly payment save money?

By making an extra payment each year, you reduce the principal balance faster, which decreases the amount of interest paid over the life of the loan.

Can I switch to bi-weekly payments anytime?

It depends on your lender. Some lenders offer bi-weekly payment plans, while others may require you to set up a separate account to manage the payments.