Biweekly Extra Mortgage Payment Calculator With Amortization Schedule

Biweekly Extra Mortgage Payment Calculator Sign

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 (the 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.

Read more ...

Biweekly Extra Mortgage Payment Calculator

Calculate bi-weekly mortgage payment, plus and extra amount you can afford to add to each payment.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Mtg bal:Mortgage balance:Current mortgage balance:Current mortgage balance owed:

Current mortgage balance owed:

Enter the current balance owed on your mortgage (call lender and ask for the current payoff amount).

$
Int rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual percentage rate (APR) of the mortgage. Enter as a percentage (for .06, enter 6%).

%
Payment:Monthly pmt:Monthly payment:Monthly mortgage payment amount:

Monthly mortgage payment amount:

Enter your current monthly mortgage principal and interest payment (don't include any insurance and tax portions that may be built into the payment).

$
Due date:Next due date:Next payment date:Next payment date:

Next payment date:

Select the month, day, and year that your next mortgage payment is due.

Add amt:Add amount:Amount to add payment:Amount to add to bi-weekly payment:

Optional amount to add to bi-weekly payment:

Enter an amount you can afford to add to each biweekly mortgage payment, but without the dollar sign and any commas.

$
Comparative Results
Tap the text for a description of each row result.
CompCompCompareCompareMonMonMonthlyMonthlyBiwkBiwkBiweeklyBiweeklySaveSaveSavingsSavings
Pmt:Pmt:Payment:Payment:

Payment:

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.

Mons:Mons:Months:Payoff months:

Months to pay off:

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.

Cost:Cost:Interest cost:Interest cost:

Interest cost:

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.

Date:Date:Payoff date:Payoff date:

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.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.