This free online calculator was created in response to numerous requests asking for the ability to add an extra or overpayment to each of the biweekly mortgage payments.
The calculator will calculate the time and interest savings that will occur if you switch from making monthly mortgage payments to paying 1/2 of your mortgage payment -- plus an overpayment amount -- every two weeks (equivalent of 13 monthly payments per year instead of 12).
The results include a monthly vs. biweekly side-by-side comparison of the payoff time frames, the interest costs, and the estimated payoff dates.
And finally, the biweekly extra mortgage payment calculator on this page also includes a printer friendly report, which can include an optional biweekly mortgage amortization schedule.
If you're not sure what a biweekly early payoff plan is, or what you need to watch out for, or how to double your savings, please visit the original Biweekly Mortgage Payment Calculator to read answers to those questions.
With that, let's use the Biweekly Extra Mortgage Payment Calculator to calculate the time and interest you will save by making 1/2 of your monthly payment, plus an extra amount, every two weeks.
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Current mortgage balance: Enter the current balance owed on your mortgage (call lender and ask for the current payoff amount).
Annual interest rate: Enter the annual percentage rate (APR) of the mortgage. Enter as a percentage (for .06, enter 6%).
Monthly mortgage payment amount: Enter your current monthly mortgage principal and interest payment (don't include insurance and tax portions).
Next payment date: Select the month, day, and year that your next mortgage payment is due.
Optional amount to add to bi-weekly payment: Enter an amount you can afford to add to each biweekly mortgage payment.
Payment column: The first column shows how much your monthly principal and interest payment will be. The second column shows how much your biweekly payment will be (1/2 of your monthly payment, plus extra amount). The third column is not applicable since payments are made at different time intervals.
Months to payoff column: The first column shows how many months it will take to pay off the mortgage when making monthly payments. The second column shows how many months it will take you to pay off the mortgage when making biweekly payments. The third column will show you how many months sooner you will pay off the mortgage by making biweekly payments instead of monthly payments.
Interest cost column: The first column shows how much interest you will pay if you pay off the mortgage by making monthly payments. The second column shows how much interest you will pay if you pay off the mortgage by making biweekly payments. The third column will show you how much interest you will save by making biweekly payments instead of monthly payments.
Payoff date: The first column displays estimated payoff month and year if you continue making monthly payments. The second column displays the estimated payoff month, day, and year if you switch to making biweekly mortgage payments. The third column is not applicable.