Biweekly Loan Payment Calculator: For Calculating Bi-Weekly Savings
IMPORTANT: Numeric entry fields must not contain dollar signs, percent signs, commas, spaces, etc. (only digits 0-9 and decimal points are allowed).
Click the Terms tab above for a more detailed description of each entry.
Enter the current principal balance owed on the loan (call your lender if you're not sure).
Enter the annual interest rate you are being charged.
Enter the number of monthly payments remaining on the loan.
If you would like to apply an extra amount to your biweekly payment amount, select the frequency, and enter the amount.
If you want the results to include an amortization schedule, showing when will your loan be paid off with biweekly payments, set the date of the next payment and choose "Full Amortization Schedule" from the drop-down menu.
Tap the "Calculate Biweekly Savings" button. This will populate the payment comparison chart and display a bar graph comparing the interest costs of your present monthly payment, with the costs if you switch to a biweekly repayment plan. This will also display the amortization schedule if you chose to include one.
To print out a report, which includes the displayed amortization schedule, tap the "Printer Friendly Report" button. This will open the report in a new window for printing.
Bi-Weekly Payment Calculator For an Existing Mortgage
About Bi-weekly Payments for an Existing Mortgage
The savings you can get from bi-weekly mortgage payments are due to the fact there are 52 weeks a year. That means you'd make 26 bi-weekly payments. If instead of making monthly payments you pay half that amount every two weeks, that works out to the equivalent of 13 monthly payments – one extra payment per year.
Of course, that money has to come from somewhere. For that reason, bi-weekly payments often work best for someone who is paid on a weekly or bi-weekly basis, rather than once or twice a month. You can take the same amount out of every paycheck for your mortgage without having make a lot of changes to your budget or save up for those months when you'd be making an extra payment.
That extra payment doesn't simply shorten your mortgage by one month a year. Because of the way compounding interest works, those extra payments shorten your loan even more, and reduce your interest costs over the life of the loan as well. You also build equity faster, which can speed the day you can cancel private mortgage insurance (PMI) if you put less than 20 percent down on your mortgage.
Bi-weekly payments are most effective with home loans that have a relatively high mortgage rate. That's because there's more interest to take a bite out of by paying down the loan more quickly. But even with the low rates that have been common in recent years, a bi-monthly payment schedule can still shave several years off you mortgage and save you thousands of dollars in interest costs.
Using the Bi-weekly Calculator for an Existing Mortgage
The calculator will figure your bi-weekly mortgage payments for fixed-rate mortgages of up to 40 years. Your bi-weekly payment will simply be half of what a monthly payment would be for the same loan.
For purposes of amortization, the calculator assumes you will make one extra bi-weekly payment every six months, regardless of when those payments might actually occur on the calendar. (On a bi-weekly schedule, there will be two months a year when you make three mortgage payments, though those may not be six months apart. But for purposes of amortization, that makes little difference).
As this is an existing loan calculator, the calculator will take the date you began making payments and figure your savings from the current date forward.
Enter the following information:
- First payment date: This is the date you made your first payment on your current mortgage.
- Original mortgage amount: How much you borrowed. The calculator will determine your current balance based on regular amortization; that is, the normal rate you mortgage amortization calculator bi monthly payments pay down the loan without additional or missed payments.
- Interest rate: Your mortgage rate
- Monthly escrow payment: This is optional. However, if your escrow payments are included as part of your loan, including them as part of your "extra" biweekly payments each year will help pay down your loan faster.
- Monthly prepayment amount: This is also optional. This would be any additional amount you'd like to pay on top of your regular biweekly payments.
Once you've entered your information, the calculator will determine your monthly and bimonthly payments. Your interest savings will be shown at the top of the page and the time it will take to pay off the loan will be just below the calculator.
For a more detailed breakdown and amortization schedule, click "Show report" at the top of the page.
Another possibility to save money would be to refinance your mortgage. Click "Get Free Quote" to get personalized refinance or home equity rate quotes from lenders.
Biweekly Mortgage Calculator
The accelerated weekly payment is calculated by dividing your monthly payment by four. You would then make 52 weekly payments. Just like the accelerated biweekly payments, you are in effect paying an additional monthly uk phone country code from usa each year.
Biweekly mortgage calculator with extra payments [Free Mortgage amortization calculator bi monthly payments Template]
“No Macro used. No installation is necessary. Just download and start using.” – Kawser Ahmed (Template Developer)
Created using Excel 2016 version
License:Personal Use (Not for resale or distribution)
Let us know (in the comment box) your criteria or the problems that you’re facing while using this template. We shall update the template.
Do you know just by paying your monthly mortgage bi-weekly, you can save a lot of time and money? When we take and pay a long-term loan (like home mortgages), most of the payments go to pay the interest of the loan. If we can pay a good earlier (at the initial stage of the loan) amount of the principal, we will save a good chunk of money and time.
Bi-weekly vs. Monthly
Bi-weekly is a period of 14 days. If you pay the loan with the bi-weekly schedule, your total number of payments in a year will be 26 (26 x 14 days = 364 days). If you pay with the monthly schedule, you will pay 12 times a year.
So, regular bi-weekly is 26 payments per year. But if you plan to pay twice a month, your total payments will be 24.
How Does Our Bi-weekly Mortgage Calculator Work?
We have made our Bi-weekly mortgage calculator with 26 payments per year. So, every 14 days, you will make one payment.
This Excel template has actually two templates. In the first template (on the left side of the worksheet), we have calculated the genuine bi-weekly payment (Equivalent). For other templates, we have calculated the bi-weekly payment (Accelerated) from the monthly payment. We divided the monthly payment by 2 to get the bi-weekly accelerated payment.
How to Use Our Biweekly Mortgage Calculator Excel Template?
1) Loan Details
The first step is to provide your loan details. Input these values (in the blue background cells):
- Original Loan Terms (Years): This is the original tenure of your loan. For home mortgages, it is normally 20-30 years of the period.
- Remaining Years: If you have already made some payments and now you want to start your Extra Payments, input the Remaining Years of your loan. The year you will input, after that year your Extra Payment will be counted. Suppose, you have made already 2 years of payments of your 30 years mortgage. Now you want to start your Extra Payments to pay off your loan faster. So, input 28 years in this field. Only Value > 1 is accepted in this field.
- Original Loan Amount: Input the original amount of your loan.
- Annual Percentage Rate (APR): This is the Nominal Interest Rate.
- Loan Date (mm/dd/yy): Input the date from when your interest is calculated.
- Payment Type: There are two payment types: End of the Period and Beginning of the Period. Choose one that suits your bank. Generally, for Mortgage Loans, payments are normally done at the End of the Period.
- Interest Compounding Frequency: Generally, if you make your payments Monthly, interest is compounded Monthly. For Bi-weekly payments, interest is also compounded Bi-weekly. But this is a specialized calculator. This calculator is made for those who are interested to make their monthly payment in two equal parts twice a mortgage amortization calculator bi monthly payments (after every 14 days). So, I have only allowed Interest Compounding Frequencies: Monthly, Bi-monthly, Quarterly, Semi-annually, Annually.
- Extra (Recurring) Amount You Plan to Add: This is the extra recurring amount you want to add every bi-weekly. If your Remaining Years is 28 years and you add some value in this field (Extra Amount), the rest of the periods (bi-weekly), you will keep paying this extra amount. Just check out the total interest saving just adding 20-25$ every bi-weekly. Interest and time savings are mind-blowing.
- Extra Payment (Irregular): You will find this column in our first Excel template (on the left). When you will pay some extra money rather than your regular and Extra Payment, you will input that payment in this column.
So, these are our Input Values. Only the blue cells and area are for your Inputs. Not other cells. They are locked. Unlock the worksheet: Review tab > Protect group of commands > Unprotect Sheet.
2) Template 1 (Equivalent Bi-weekly Payment)
This template uses the genuine Bi-weekly payment for calculating Due Bi-weekly payment. This is the formula:
- apr: APR is the annual percentage rate
- term: Original Loan Terms in Years
- loan: Original loan amount
So, we get 552.69$ for a bi-weekly payment. And this is the output we get with our old loan details:
3) Template 2 (Accelerated Bi-weekly Payment)
For this template, we divided the monthly payment by 2 and paid this amount after every 14 days as bi-weekly payments. This is the mortgage amortization calculator bi monthly payments, term*12,-loan,1))/2
In this template, you will not input any Irregular Extra Payment. If you have added any Irregular Extra Payments in the first template, those values will be also used by this template.
Advantages of Making Bi-weekly Payments
The main mortgage amortization calculator bi monthly payments of making bi-weekly payments is saving a good chunk of money and pay off your mortgage loan faster.
Suppose, you took a loan of amount $250,000 for 30 years with a 6% annual percentage rate. If you pay monthly, your monthly scheduled payment will be $1498.88. After 30 years of your regular payment, you will pay a total of $289,596.80 as interest.
If you divide your monthly scheduled payment ($1498.88) into two equal parts, your bi-weekly scheduled payment will walmart money card account login $749.44. If you make this payment after every 14 days, you will pay only $226,748.14. You will save $62,848.66. And you will pay off your loan 5 years 6 months and 30 days earlier.
These extra benefits come with your sacrifice. With the monthly payments, you had to make 12 monthly payments and the amount would be $17,986.56. But with this bi-weekly payment, you have to make 26 payments with every payment of $749.44. So, your total paid amount in a year would be $19,485.44.
Extra amount would be: $19,485.44 – $17,986.56 = $1498.88.
So, you have to pay one month extra in one year and that provides all the above benefits (interest and time savings). Many people manage this extra payment from their little savings all over the year, tax refunds, and utilizing their performance bonuses. If you could have a raise in your salary, it would be much easier for you to pay off your mortgage loan earlier.
If you’re paying your monthly payment automatically, at first, you need to know whether it is cancel-able or changeable. Contact your lender to know all the details of changing your payment from monthly to bi-weekly.
Check out whether there are any penalties for the pre-payment of your loan. Some banks might charge a few hundred bucks to change your payment from Monthly to Bi-weekly. But it worth it. By changing from Monthly to Bi-weekly, you will save thousands of dollars.
Make sure one thing: your bi-weekly or extra payments (if you make) are applied to your account with immediate effect.
Related Excel Templates
A bi-weekly payment option is a good policy if you want to pay off your mortgage mortgage amortization calculator bi monthly payments 4-5 years earlier. But before paying your mortgage loan, pay off all your high-paying credit card loans. Becoming debt-free, saving money for your retirement, making an emergency account: these all are blessings. It will give you full power and freedom in life. If you have any comments on my Biweekly Excel mortgage calculator (with extra payments), let me know in the comment box.
“Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett
Wishing you a debt-free life.
Advanced Loan Calculator
Calculate loan payments, loan amount, interest rate or number of payments. Use this calculator to try different loan scenarios for affordability by varying loan amount, interest rate, and payment frequency. Create and print a loan amortization walmart money card account login to see how your loan payment pays down principal and bank interest over walmart money card account login life of the loan.
A key feature of this mortgage amortization calculator bi monthly payments is that it allows you to calculate loans with different compounding and bank of america 401k sign in frequencies. You can also use our basic loan calculator which assumes your loan has the typical monthly payment frequency and monthly interest compounding.
- Loan Amount
- The original principal on a new loan or principal remaining on an existing loan.
- Interest Mortgage amortization calculator bi monthly payments annual nominal interest rate, or stated rate of the loan.
- The frequency or number walmart money card account login times per year that interest is compounded. If compounding and payment frequencies are different, this calculator converts mortgage amortization calculator bi monthly payments to an equivalent rate and calculations are performed in terms of payment frequency.
- Number of Payments
- The number of payments required to repay the loan.
- Payment Frequency
- How often payments are made each year. Number of Payments ÷ Payment Frequency = Loan Term in Years.
- Payment Amount
- The amount to be paid on the loan at each payment due date.
Find the Payment Amount
Calculate captain america the first avenger cast list payment required for your loan amount and term. Find your ideal payment amount by changing loan amount, interest rate, and number of payments in the loan. Try different loan scenarios and create and print an amortization schedule or create a loan payment table to easily compare mortgage amortization calculator bi monthly payments and interest amounts.
Find the Loan Amount
Try different loan amounts to see how it affects the required monthly payment. Alternatively, see our How Much Loan Can I Afford? calculator. If you have an existing loan, input your interest rate, monthly payment amount and how many payments are left to calculate the principal that remains on your loan.
Find the Interest Rate
Input loan amount, number of months required to pay off the loan and payment amount to calculate the interest rate on the loan.
Find the Number of Payments
Input different payment amounts for a loan to see how long it will take you to pay off the loan. If you have an existing loan input remaining principal, interest rate and monthly payment to calculate the number of payments remaining on your loan.
When payment and compounding frequencies differ, we first calculate the Equivalent Interest Rate so that interest compounding is the same as payment frequency. We use this equivalent rate to create the loan payment amortization schedule.
What Is a Bimonthly Mortgage?
A bimonthly mortgage payment is a mortgage plan in which half of the scheduled monthly payment is made twice a month. This plan is not to be confused with a biweekly plan, where half of the scheduled monthly payment is made every two weeks.
Sometimes spelled as “bi-monthly” mortgage payments, these plans are typically set up for the customer to pay on the 1st and the 15th of each month. Under some bimonthly plans, it is even possible to make extra payments on top of the bimonthly ones.
- Bimonthly mortgage payments can help homeowners pay less interest on their home loans.
- Bimonthly mortgage payments are subtly different from biweekly mortgage payments.
- Not all mortgage lenders will allow customers to make bimonthly payments. It depends on the lender.
Bimonthly Mortgage vs. Biweekly Mortgage
The difference between a bimonthly plan and a biweekly plan is subtle. In a biweekly plan, payments are made every two weeks—not quite the same as two payments a month, because most months are slightly longer than four weeks.
Specifically, a biweekly plan results in two more payments being made annually than on a bimonthly plan. In other words, 24 payments are made annually on a bimonthly plan, while 26 payments are made annually on a biweekly plan.
That might sound like a small difference, but it can really add up over the course of a mortgage. Just as a bimonthly mortgage can build equity in your property more quickly than a monthly plan, a biweekly mortgage can build equity even more quickly than that. Therefore, these plans are great for people looking to pay off their mortgage as quickly as possible.
Bimonthly mortgage payments may help raise equity in your home faster than a monthly payment.
Pros and Cons of Bimonthly Mortgages
A bimonthly plan might shorten the overall term of the mortgage to a certain degree. Some bimonthly mortgages might come with a higher payment to further reduce the interest and principal balance compared with making regular monthly payments. It may be possible to convert to a bimonthly mortgage when refinancing under a new mortgage, which might be lower to accelerate the payment process.
A bimonthly mortgage plan will result in interest savings over apple pay on amazon app life of the mortgage. It does this by reducing the principal of the mortgage as each payment is received, as opposed to the first payment of the month being held by the lender until the second payment of the month is received (at which point the full monthly payment is made).
Under a bimonthly mortgage, breaking up the payments can cut down the interest that would have to be paid. However, the lender may or may not make such a payment option available. Furthermore, a lender might require additional fees to participate in a bimonthly mortgage amortization calculator bi monthly payments plan, which could eliminate any potential savings that might have been gained.
With some bimonthly mortgages, the lender might still hold the first payment—another scenario that would eliminate any savings that might have been gained. While such a plan would give the borrower more flexibility in how they pay off a mortgage, it would not result in any fiscal benefit. The terms of any bimonthly mortgage should define when and how the payments will be mortgage amortization calculator bi monthly payments toward the principal balance.
There is debate over how effective bimonthly mortgage plans can be, especially because most mortgage lenders calculate interest as a monthly cost, not a bimonthly cost. So, while it is possible to reduce overall interest due, the end result walmart money card account login only amount to the elimination of one payment or a few.
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: Mortgage amortization calculator bi monthly payments
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