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.