Which is better - monthly or
biweekly payments?
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A biweekly mortgage allows you to make a mortgage payment every 2
weeks resulting in 26 payments per year versus 12 monthly payments
per year, or the equivalent of 13 monthly payments. The result is a
considerable reduction in the term of the mortgage, as well as
savings in total interest paid.
We have rounded these figures according to standard mathematical
practices. For exact figures, please consult a broker or financial
advisor.
Place your cursor in the fields and fill in the requested
information to the best of your knowledge. Use the tab key on your
keyboard to move through the form. Once the required fields are
completed, the form will automatically populate with the information
you have requested.
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Loan Information |
$
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What is the purchase price of the home you are
interested in? |
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Please enter an interest rate between 6
and 16. |
% |
What is the interest rate of the new home loan? |
| Monthly Payments |
Biweekly Payments |
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| 30 |
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This is the term of the mortgage. As you can
see, on a 30 year mortgage, making biweekly payments will
substantially reduce the term of the loan. |
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This is what your payment would be. |
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This is the total amount you will pay per
year. |
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This is the total amount you will pay over the
life of the loan. |
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This is the total interest you will pay on the
loan. |
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This is the amount of interest you will save
making biweekly payments. |
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Note: This calculator is provided to give
you a general idea. We cannot guarantee the accuracy or the
applicability to your situation. Please consult a qualified
professional. If you use a 0% interest value, the calculator will
automatically use a default value of .001. Please be aware that the
values may vary
slightly. |
