Bi-weekly Mortgage Calculator

This Bi-weekly mortgage calculator shows you the possible savings by using an accelerated bi-weekly mortgage payment. By paying ½ your normal monthly payment every two weeks, your mortgage lender will receive each year the equivalent of 13 monthly payments instead of 12. This simple technique of paying an extra month mortgage payment each year can shave years off your mortgage loan and save you thousands of dollars in interest.



This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing “Install ActiveX Control”.
    You can also get SUN's Java™ Plug-in here: Get the Java™ Plug-in!

    For more information about this Plug-in please visit: SUN's Java™ Plug-in
    For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Bi-weekly Mortgage Payment Calculator - Definitions

Bi-weekly mortgage payments -

Bi-weekly savings are achieved by simply paying ½ your monthly mortgage payment every two weeks. By the end of a year you would have paid the equivalent of one extra monthly mortgage payment. This additional mortgage amount accelerates your mortgage loan pay off by going directly against your loan's principal. The effect can save you thousands of dollars in interest and take years off of your mortgage loan.
Mortgage amount - The total dollar amount for this mortgage loan.
Interest rate - The interest rate on this mortgage loan.
Original mortgage term - The number of years over which you would repay this mortgage loan if you made your normal monthly mortgage payment. The most common terms for mortgages are 15 years and 30 years.
First payment date - The date your mortgage loan started. We will use this date to calculate the time and balance remaining on your mortgage loan.
Monthly escrow amount (optional) - If you pay escrow, this is the monthly loan escrow amount due. With the bi-weekly program ½ of this amount will be paid every two weeks.


Monthly Prepayment amount (optional) - Prepayment increases your savings even more. An additional payment is strictly optional. If you are also prepaying, please include your monthly prepayment amount. With the bi-weekly program ½ of this amount will be debited every two weeks.

FORECLOSURE COUNSELING RESOURCES

If a homeowner is at risk of default and foreclosure, call or visit one of the many foreclosure counseling organizations available to help.



HOPE FOR HOMEOWNERS PROGRAM

In July 2008, the U.S. Congress created the HOPE for Homeowners (H4H) program, which is designed to help homeowners at risk of default and foreclosure on their mortgage refinance into more affordable mortgage loans. Find out more about the program and whether you qualify for a HOPE for Homeowners refinance mortgage.



FINANCIAL CRISIS

The U.S. financial and credit crisis led to the dramatic failures of such U.S. financial institutions as Lehman Bros, Bear Stearns, Merrill Lynch, AIG, Washington Mutual, and the government take over of Fannie Mae and Freddie Mac. Find out what caused this financial and credit crisis that may lead the country into a recession or worse. This financial and credit crisis has caused a dramatic rise in bank failures in 2008. Click here for a list of failed banks.




Borrowing: Calculatorplus.com provides comprehensive source of free finance and loan calculators including this Mortgage Loan Calculator to help you make the right decision getting a new loan. Whether you're interested in a new mortgage or refinancing an existing mortgage, this Mortgage Approval Calculator can help with your decision. Want to know how much taxes or insurance are included in your payment, use this free Mortgage Calculator with Taxes & Insurance.

Financing: Use this Credit Card Calculator to optimize your credit card debt in order to generate the greatest savings. If your are considering purchasing a new vehicle, this Auto Finance Calculator can help you work out your monthly payment.

Mortgage MarketPlace