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This calculator shows you 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. Click on the
"View Report" button to see your savings!
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| Accelerated weekly and bi-weekly payments |
Accelerated weekly and accelerated bi-weekly payment options are
calculated by taking a monthly payment schedule and assuming there
are 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 would pay 26 bi-weekly
payments, by the end of a year you would 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 of dollars in interest and take
years off of your mortgage.
The accelerated weekly payment is calculated by dividing your monthly
payment by four. You would then make 52 weekly payments. Just like
the accelerated bi-weekly payments, you are in effect paying an
additional monthly payment each year.
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| Mortgage amount |
The total dollar amount for this mortgage.
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| Interest rate |
The interest rate on this mortgage.
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| Mortgage term |
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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Please note that most of the financial calculators require a Java enabled browser. For best results use Internet Explorer 4.0 and higher or Netscape Navigator 4.0 and higher. 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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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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