Calculator
Results
Biweekly Payment:
$0.00
Total Interest Saved:
$0.00
Loan Paid Off In:
0 years
Data Source and Methodology
The calculations are based on standard mortgage amortization formulas. Consult your financial advisor for personalized advice.
The Formula Explained
Biweekly Payment Formula: P = [rA / (1 - (1 + r)^-n)] / 2
Glossary of Terms
- Loan Amount: Total amount of mortgage.
- Interest Rate: Annual interest rate charged on the loan.
- Loan Term: Duration over which the loan is to be repaid.
Frequently Asked Questions (FAQ)
What is a biweekly mortgage payment?
Biweekly mortgage payments involve making a half-payment every two weeks, resulting in 26 half-payments per year, or 13 full payments.
How can biweekly payments save money?
Biweekly payments reduce the loan balance faster, decreasing the interest paid over the life of the loan.