How much will bi-weekly payments save me?

This calculator will show you how much you will save over the life of your loan if you make 1/2 of your mortgage payment every two weeks instead of making a full mortgage payment once a month. In effect, you will be making one extra mortgage payment per year, and pay your mortgage off way ahead of schedule as a result.

Enter the principal balance of your mortgage (call your mortgage lender and ask for the current payoff amount):
Enter the amount of your monthly mortgage payment: (principal and interest portion only):
Enter the your mortgage's current interest rate:

This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay if you switch to a bi-weekly mortgage payment plan:
Bi-weekly Mortgage Interest Savings:

In essence, you are adding a 13th payment to your annual number of payments, and splitting it up between 26 bi-weekly payments. In your case, this means by coming up and extra $XX every two weeks you will pay off your mortgage in XXX months instead of the current XXX months, and save $XXXXXX in mortgage interest in the process. Is there anything else you would rather spend your $XXXXX on besides interest?

Note: This calculator is solely for information purposes and provides reasonably accurate results. The calculations are not intended to be relied upon as actual results.