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"Level the playing field when you buy a home! You may get a better deal with your own broker pulling for you. The introduction of buyer's brokers takes a horribly one-sided process and simply makes it fair."
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Articles and Homebuyer Tips To Save Time & Money

Real Estate University I Search For Homes I Contact Us I Print This Article

Bi-Weekly Mortgage

A Bi-Weekly Mortgage can save you money.

Use our handy bi weekly mortgage amortization calculator to see how much money you can save by paying your mortgage every two weeks instead of monthly. This doesn't mean paying the mortgage payment twice. It means dividing the payment and paying half every two weeks! Do you know that after paying 15 years on a 30-year mortgage, you can still owe 90% of the amount that was borrowed?

Bi-Weekly Mortgage Calculator
This calculator will show you how much you will save 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 -- without hardly noticing the additional cash outflow. But, as you're about to discover, you will certainly notice the "increased" cash flow that will occur when you pay your mortgage off way ahead of schedule! Instructions: Complete the top 5 entry fields and click the "Compute" button. If you are entering data for a future mortgage, you can leave the "Current monthly mortgage payment" field blank, and the calculator will compute the payment for you.
Dollar amount of your mortgage:
Interest rate of your mortgage:
Term of your mortgage in months:
Current monthly mortgage payment:
Number of monthly payments you have already paid:


Your Current Mortgage
Dollar amount of your mortgage:
Percentage rate of your mortgage:
Your current monthly payment:
Total Interest paid:
Paid off in:
With the Bi-Weekly Plan
Your bi-weekly payment:
Total Interest paid:
Total Interest savings:
Paid off in:
Number of payments saved:
Equivalent interest rate:
If You Pay an Additional $25 Every Payment
Your bi-weekly payment:
Total Interest paid:
Total Interest savings:
Paid off in:
Number of payments saved:
Equivalent interest rate:
Save Even More by Paying an Additional $50 Every Payment
Your bi-weekly payment:
Total Interest paid:
Total Interest savings:
Paid off in:
Number of payments saved:
Equivalent interest rate:

Drawing of money involved in home ownership

When you utilize a bi-weekly mortgage, you can easily:

Cut years off your mortgage term
Increase the equity in your home

Discover for yourself how much money you can save with this
quick, easy to use biweekly mortgage calculator.

How does a Bi-Weekly Mortgage work?

It’s really very simple! Instead of making a monthly mortgage payment, you make a payment every two weeks. This automatically adds an extra payment every year, which really reduces the principal on your loan.

For example, on a $100,000 mortgage at 7% interest…..Your principal and interest payment would be approximately $665 monthly. Cut this in half and pay $332.50 every two weeks. You will then have one extra payment at the end of the year to apply directly to your principal. It’s unbelievable that this would reduce your 30 year mortgage to a 23-year mortgage…..and save almost $35,000.00 in the process. The larger the loan, the more dramatic the savings will be.

If you are interested in having a bi-weekly mortgage, call your lender and ask for the cash management department…..or someone that can help with payment inquiries. Ask about their options for a bi-weekly mortgage. But always make sure that the extra payment is applied directly to your principal balance. (It wouldn’t hurt to keep a record of the call and the person’s name that you spoke with….just for future reference). If your lender doesn’t have a provision for this option, contact us and we can help with more options.

Another way to pay off your mortgage early is simply to look at your amortization schedule and determine how much of any given payment is being applied to your principal. Just add that amount to your monthly payment and you will begin to see a decrease in your principal balance. For many years, the amount being applied to your principal will be very small indeed…..but paying even this tiny amount can make a huge difference in the term of your loan.

Remember to always read the fine print in your loan documents. Make sure there’s no pre-payment penalty. Doing your research will really pay off. And a biweekly mortgage program will also pay off - big time! The Nashville Real Estate Authority offers Real Estate University, where you can learn more about homebuying.

We're here to help you today! You can contact us by e-mail or call us toll free at 615.428.8500 or 615.206.8445. You'll be glad you did! We promise!!

Remember - You've got a friend in Nashville! We're Buyer's Agents - working ONLY FOR YOU to find the perfect home for your family!

Nashville real estate authority broker pam rumley

Accent Realty Group

Pam Rumley
Exclusive Buyers Agent
Broker, CRS, ABR, SRES
119 Stonehouse - Gallatin TN
Office 615-206-8445
Direct 615-428-8500

Fax 615-206-8437
pam@pamrumley.com

The agent to call when you need someone to go that extra mile!

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