Home

Bi-Weekly Mortgage Payment Calculator Help

Calculate the payment amount for a bi-weekly (every 2 weeks) mortgage loan. Bi-Weekly mortgages may work well if you get paid every 2 weeks (i.e. every other Friday) and want to make a payment on your home each payday instead of just once a month. Note that this is a true bi-weekly calculation amortized over the length entered. It is not necessarily the same as paying half a monthly mortgage payment every 2 weeks, which would pay the loan sooner than its original length. Enter your sale price, any down payment you're making, the interest rate and the length of the loan. This calculator will then show you the bi-weekly principal and interest payment, the total amount of interest you will pay and the total amount of money you will spend over the life of the loan. You can also enter the points and other closing costs and roll those into your loan. You can even enter an additional payment amount you intend to add to each bi-weekly payment to work down your principal and the calculator will show you the anticipated payoff time. You can display and/or print the amortization schedule for your loan.

Input Fields:
Title A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Lender The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
Sale Price The sale price for your property. (NOT the amount of money you plan to borrow.)
Down Payment The amount of money you plan to put as a down payment on your property.
Interest Rate The annual percentage rate you will pay for this loan.
Length of Loan How long you will pay on this loan. Also choose whether 'Length of Loan' is years or payments (bi-weekly).
Additional Principal The additional amount you will add to each payment (over the required 'Bi-Weekly Payment' amount) to pay down the principal on your loan.
Points The number of points (or percentage of the loan amount) you'll be paying to close this loan. Check 'Roll into Loan' if the cost of the loan points is being financed and included in the 'Loan Amount'.
Other Closing Costs Any other costs you'll be paying during the closing of your loan. These might be costs like the appraisal, property taxes, property insurance, title insurance, realtor fees, etc. Check 'Roll into Loan' if your closing costs (not to include loan points) is being financed and included in the 'Loan Amount'.

Output Fields:
Bi-Weekly Payment 'Principal' + 'Interest' + 'Additional Principal' (where applicable) to be paid every 2 weeks. Actual payment could include escrow for insurance and property taxes plus private mortgage insurance (PMI).
Loan Amount 'Sale Price' - 'Down Payment' + 'Points' (if rolled into loan) + 'Other Closing Costs' (if rolled into loan).
Total Interest Total amount of interest you will pay over 'Length of Loan'.
Total Paid Total amount of principal + interest you will pay over 'Length of Loan'.
Payoff Time Amount of time until the loan is paid off.
Number of Payments The number of payments you will make to pay off the loan.
Annual Cost The amount of money you will pay each year for this loan.
Points Amount The points percentage applied to the amount you borrow gives the dollar amount the loan points will cost.
Total Property Cost Total cost of this property when you include the 'Sale Price', 'Points Amount', 'Other Closing Costs' and the 'Total Interest' to be paid on the mortgage.

Buttons and Checkboxes:
Show Amortization When checked, a section will appear below the calculator showing the complete amortization table.
Help Brings up this Help window.
Clear Clear (Use your browser's 'Refresh' or 'Reset' to restore default values.)
Printer Friendly Print Ready Format
Show Formulas Show Calculation Formulas
Related Calculators Related Calculators
Show Additional Fields Show Additional Fields
Hide Additional Fields Hide Additional Fields
All calculators are made available as self-help tools for your independent use with results based on information provided by the user. All examples are hypothetical and are for illustrative purposes only. Calculated results are believed to be accurate but results are not guaranteed. Mortgage calculator results are based upon conventional program guidelines. Other loan programs are available. Further review by a professional is necessary to obtain exact and complete information and available options for your personal circumstances.
Presented by WebCalcSolutions.com and BizCalcs.com.
Copyright © 2005-2024 PeteSoft, LLC. All rights reserved.
Updated 04 Jul 2007