Biweekly mortgage calculator
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An example. Your lender sets the real rate.
years
Interest saved by paying half every two weeks
$93,997
Paid off in 24 yr 2 mo, not 30 years · it comes to one extra payment a year, $2,023
- Monthly payment
- $2,022.62
- Every two weeks
- $1,011.31
- Interest, monthly
- $408,142
- Interest, two-weekly
- $314,146
- Saved by a twelfth extra each month
- $93,073
Twenty-six half payments make thirteen whole ones, so nearly all of the saving is one extra payment a year. The last figure shows the same extra money paid monthly, without the two-week schedule. This assumes each half is applied the day it arrives. Some servicers hold the first half until the second comes, and then only the extra payment counts. Any fee for setting it up is not included.