Weekly Mortgage Payment Calculator to Compare Mortgage Interest Savings

Weekly Mortgage Payment Calculator Sign

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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Weekly Mortgage Payment Calculator

Calculate weekly mortgage payment and compare the time and interest savings with monthly and biweekly payments.

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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
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 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

Learn

How weekly payment amounts are determined, how they save you money, and a cautionary note.

Weekly Mortgage Payments Vs. Monthly

If you simply enter the terms for a new home loan into the weekly mortgage payment calculator, you will note that you may only save a couple of hundred dollars by choosing to repay the home loan using weekly mortgage payments vs. monthly mortgage payments. This is because the annual total of your weekly mortgage payments will be close to the same as the annual total of your monthly payments.

To save a large chunk of time and interest, you need to increase the annual total of your payments. One way to do that -- while hardly noticing the increase -- is to simply make 1/2 of your monthly house payment every two weeks. This will result in making 26 bi-weekly payments per year, which is the equivalent of making 13 monthly payments per year instead of 12.

Now you would think that we could double the savings if we use the same process to switch from monthly payments to making weekly mortgage payments. However, if you divide your monthly payment by 4 and pay that result on a weekly basis, you will see that the annual total of your 52 weekly payments would be identical to making 26 bi-weekly payments.

Therefore, to significantly increase your bi-weekly mortgage interest savings when switching to a weekly repayment method, you would need to look at making the equivalent of 14 monthly payments per year instead of the 13 you would make using the bi-weekly payment method. In other words, your weekly mortgage payments would be calculated as follows:

Weekly payment = Monthly payment x 14 ÷ 52

The above formula is the one used by the weekly mortgage payment calculator on this page, which results in making the equivalent of 14 monthly payments per year.

Beware of Excessively Greedy Mortgage Companies

Since switching to weekly payments results in the prepayment of principal ahead of the original home loan terms, there are numerous, unscrupulous mortgage companies out there that take offense to you cutting into the massive year-end bonuses they have promised to their executives. While some of these companies will simply escrow your prepayment and apply payments as they were scheduled (giving you "the finger" for your early payoff attempt), the more dastardly among them will go so far as to charge you a penalty for prepaying the principal.

In any case, before you start making weekly mortgage payments, be sure to check with your home loan company to make sure your principal prepayments will be applied to the balance as you make them -- free of any prepayment penalties.

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.