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Weekly Mortgage Payment Calculator to Compare Mortgage Interest Savings

Calculator Preferences
Weekly Mortgage Payment Calculator Sign
Weekly Mortgage Payment Calculator

This calculator will calculate the weekly payment for a new mortgage, and/or calculate the time and interest savings you could realize if you started making the equivalent of 13 payments per year (bi-weekly) or the equivalent of 14 payments per year (weekly). Includes a method-by-method comparison chart as well as a year-by-year balance comparison chart. The Learn tab includes:

  • Weekly mortgage payments Vs. monthly.
  • A cautionary note about mortgage lenders.
Learn More

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
Orig amt:Orig amount:New or original mtg amount:New or original mortgage amount:

New or original mortgage amount:

If you want to see what the weekly payment would be on a new mortgage, enter the new mortgage amount. If you have an existing mortgage and want to see how much you could save by switching to a bi-weekly or weekly payment, enter the original mortgage amount. Enter as a dollar amount without the dollar sign and commas.

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

Annual interest rate:

Enter the annual percentage rate (APR) of the home loan. Enter as a percentage without the percent sign (for 6%, enter 6).

# of years:Number of yrs:Mortgage term in years:Mortgage term in number of years:

Mortgage term in number of years:

Enter the term of the new or original home loan in number of years.

Pmts made:# pmts made:# of payments already made:Number of monthly payments already made:

Number of monthly payments already made:

If this is an existing mortgage, enter the number of monthly payments you have already made. If this is a new mortgage, enter a zero or leave blank.

Extra amt:Extra wkly amt:Extra weekly amount (optional):Extra amount you could add to weekly pmt:

Extra amount you could add to weekly payment (optional):

If you would like to see how adding an extra weekly amount would affect the payoff time and interest savings, enter the amount here. Note that it may help to calculate the weekly payment amount and savings without an extra payment first, and then if it appears you can afford an extra weekly amount, come back to this field enter the amount you can afford and recalculate.

Weekly pmt:Weekly payment:Weekly mortgage payments:Weekly mortgage payments:

Weekly mortgage payments:

Based on your entries, this would be the weekly payment for a new mortgage with the entered terms. Note that is for new mortgages and therefore does not account for any payments made on an existing mortgage.

Wkly cost:Weekly cost:Weekly interest cost:Weekly mortgage payments interest cost:

Weekly mortgage payments interest cost:

Based on your entries, this would be the total interest cost of a new home loan based on making weekly mortgage payments. Note that is for new mortgages and therefore does not account for any payments made on an existing mortgage.

Compare Switching From Monthly to Biweekly or Weekly
Compare

Monthly payment column:

This column displays the payment, number of months remaining, total interest cost, and estimated payoff if you continue making 12 monthly payments per year. The monthly payment is calculated based on the original mortgage amount, the annual interest rate, the original term, and the number of payments already made, and therefore does not include escrowed taxes or insurance.


MthlyMthlyMonthlyMonthly

Biweekly payment column:

This column displays the payment, number of months remaining, total interest cost, and estimated payoff if you start making 1/2 of your monthly mortgage payment every two weeks. These 26 biweekly payments equate to 13 monthly payments per year instead of just 12. The biweekly payment is calculated by dividing the monthly payment by 2.


BiwklyBiwklyBiweeklyBiweekly

Weekly payment column:

This column displays the payment (including any extra amount you entered), number of months remaining, total interest cost, and estimated payoff if you start making the equivalent of 14 payments per year by dividing the total of 14 monthly payments by 52 weeks (plus any extra amount you entered).


WklyWklyWeeklyWeekly

Savings column:

This column displays the time and interest savings that will occur if you switch from making 12 monthly payments per year, to dividing the total of 14 monthly payments by 52 and paying that amount on a weekly basis -- plus any weekly extra amount you entered.


SaveSaveSavingsSavings
Pmt $Pmt $PaymentPayment 
MonthsMonthsMonthsMonths
Cost $Cost $InterestInterest cost
PayoffPayoffEst. payoffEstimated payoff 

If you would like to save the current entries to the secure 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.

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Tip

About

About the Weekly Mortgage Payment Calculator

This calculator will calculate the weekly payment and associated interest costs for a new mortgage.

Or, if you are already making monthly house payments, this weekly payment mortgage calculator will calculate the time and interest savings you might realize if you switched from making 12 monthly payments per year, to making the equivalent of 13 or 14 payments per year on a bi-weekly or weekly basis.

Plus, I recently added a field wherein you can enter an optional, extra weekly payment amount to be added to the calculated weekly payment amount. You'll be amazed at how much a small extra amount per week can save you in time and interest over the long run.

Finally, I have also recently added an "Estimated payoff date" row to the comparison results so you can immediately see the month and year each payment interval will pay off the mortgage.

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Instructions

How to use the Weekly Mortgage Payment Calculator

Step #1:

Enter either the original or the new mortgage principal amount borrowed.

Step #2:

Enter the annual interest rate of the mortgage.

Step #3:

Enter the term of the mortgage in number of years.

Step #4:

If this is for an existing mortgage, enter the number of mortgage payments you have already made. Otherwise, if this is a new mortgage leave this field blank.

Step #5:

If you would like to speed up the payoff of your mortgage, enter an extra amount that you could add to each weekly payment.

Step #6:

Click the "Calculate Weekly Mtg Payments" button. This will populate the payment interval comparison chart and display a chart showing the annual balance of each interval.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.

Disclaimer:

Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.

Disclaimer:

The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at Mathway.com for assistance.

Glossary

Fields, Terms, and Definitions.

Reset button:

Clicking the "Reset" button will restore the calculator to its default settings.

Pocket Calculator

Calculate any amounts needed to enter into calculator.

 

Data Management

Save and retrieve entries and notes (requires HTML5 compliant web browser).

Calculator Data

Calculator Data:

If you are using the latest version of your web browser software, this feature will allow you to save your calculator entries to your web browser's local storage in between visits. This means the calculator entries can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save data between devices you will need to subscribe to the Ad-Free Member Version.

Save: To save a new set of calculator entries, select "New Data Record" from the dropdown list, enter a nickname for the data record, then click the "Save" button.

Load: To load a previously saved set of calculator entries, simply select the name of the data record from the dropdown list.

Save Changes: To save changes to a set of previously saved calculator entries, be sure the name of the data record is selected, and then click the "Save" button.

Clear: To clear a saved set of entries, be sure the name of the data record is selected, and then click the "Clear" button.

Backup Data
My Notes:
Subscribe to the Cloud level of the Ad-Free Member Version to save your entries and notes to a secure online database, allowing you to access your saved entries from any device or web browser.

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Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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