Biweekly Savings Calculator

Biweekly Savings Calculator

The Biweekly Savings Calculator may open your eyes to a fantastic way to help you to shave thousands of dollars off your mortgage loan by the time you end up paying it off.

How much money will you save by paying your mortgage every two weeks, rather than making a payment just one time per month?

Why would this help you to save money? Most people receive a payment from their employer every two weeks. There are 26 pay periods, then in a year. However, you are only required to make 12 monthly payments towards your mortgage.

When you pay every other week, a portion of your mortgage payment, you actually end up making a total of one extra payment each year. That helps to pay down your mortgage principle faster and thus helps you to save thousands of dollars over the life of your loan.

The Biweekly Savings Calculator can help you to see what these extra payments can offer to you.

• Enter the total amount of your loan. If you are taking out a new loan, enter the total amount you will borrow to
  purchase the loan. If you currently have a loan, enter what you originally borrowed to establish the loan.
  
• List the annual interest rate. If you have received a quote from a lender, enter that information here.
  
• List the term of the loan, or the length of time you will pay your loan. In most cases, this will be 30 years.
  
• List the start date of the mortgage. If you do not have a mortgage yet, just use today's date.

Then, click calculate. Once you enter this information, you will find out what the difference is between making one monthly payment and making a payment towards your loan every two weeks. You will end up paying half of your monthly payment every two weeks with this process.

In most cases, you will notice that you will be paying off your loan far sooner if you make your payments every two weeks. You will likely save a substantial amount of money as well, all of which is saved interest charges. Most people will see thousands of dollars in savings listed here.

The good news is that the Biweekly Savings Calculator gives you an easy way to pay your mortgage, too. Instead of having to hand over a large monthly payment, you will pay your mortgage every two weeks automatically, and only half of what you pay monthly. This really helps to help you to save money. For many people, this is an eye opener. After all, just by making these payments, you could save yourself thousands of dollars over the life of your loan.