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Step
3
Figure out your savings!
Use
the Mortgage Payment Calculator below to see how much you can save
on your current mortgage if you were on a biweekly payment. The
actual savings you will receive by switching your current mortgage
to a simulated biweekly payment will be within 5-10% of the results
received below.
This
calculator shows you the possible savings by using an accelerated
bi-weekly mortgage payment. Bi-weekly payments accelerate your
mortgage payoff by paying 1/2 of your normal monthly payment
every two weeks. By the end of each year, you will have paid
the equivalent of 13 monthly payments instead of 12. This simple
technique can shave years off your mortgage and save you thousands
of dollars in interest.
Definitions
Accelerated
weekly
and bi-weekly payments |
Accelerated weekly and accelerated bi-weekly payment
options are calculated by taking a monthly payment schedule
and assuming only four weeks in a month. We calculate
an accelerated bi-weekly payment, for example, by taking
your normal monthly payment and dividing it by two.
Since you pay 26 bi-weekly payments, by the end of a
year you have paid the equivalent of one extra monthly
payment. This additional amount accelerates your loan
payoff by going directly against your loan's principal.
The effect can save you thousands in interest and take
years off of your mortgage.
The accelerated weekly payment is calculated by dividing
your monthly payment by four. You then make 52 bi-weekly
payments. Just like the accelerated weekly payments,
you are in effect paying an additional monthly payment
each year.
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| Mortgage
Amount |
The
total amount for this mortgage. |
| Interest
Rate |
The
interest rate on this mortgage. |
| MortgageTerm |
The number of years over which you would repay this
loan if you made your normal monthly payment. The most
common terms for mortgages are 15 years and 30 years.
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Information and interactive calculators are
made available to you as self-help tools for your independent
use. We can not and do not guarantee their accuracy or their
applicability to your circumstances. We encourage you to seek
personalized advice from qualified professionals regarding
all personal finance issues.
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Copyright ©
EquityCorp, Inc. All Rights Reserved.
1612 E. Cape Coral Parkway, Suite A • Cape Coral • Florida • 33904
administration@equitycorp.com
• (800) 469-5547
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