The Biweekly Mortgage Calculator helps you analyze your mortgage needs. It computes the biweekly mortgage payment in comparison to the regular mortgage. You to compute one of the following variables and can modify the others. That means that in the calculator, you click on the button with the same label as that listed in the left-hand column, below. Use the sliders to explore your options. To enter an exact number, click on a number in an edit box and type in the number you want.
Loan Amount
Click this button to figure out how big a loan you afford to get. You specify the interest rate, loan duration and the monthly payment you can afford.
- For example, you may want to know 'if I want my monthly payment to be not more than $2,000, how much can I borrow if I want the 7%, 15 year mortgage?'
- Or, 'if I decide to go for the 30 year loan, will I be able to afford a bigger home if the interest on that loan is 7.25%?'
- Or, 'if my brother-in-law can give me a loan at 4%, will I be able to afford that dream home if I can pay over 20 years?'
- For example, you may want to know 'how many years will my loan last if I increase my monthly payment to $1,500 on my 6%, 15 year, $150,000 loan?'
- For example, you may want to know 'if I can only afford to pay $1,200 instead of $1,500 but I still need a $200,000 loan, what does the interest rate on the loan have to be?'
- Or, 'if I decide to go for the 15 year loan, how low does the interest on the loan have to be for me to still pay $1,200 a month?'
- Or, 'if I can reduce the amount I need to borrow to $150,000, does it change the interest rate situation on the loan to be more realistic than 1%?'
- For example, you may want to know 'how much will my monthly payment be for an 8% loan versus a 7.75% loan?'
- Or, 'how much more is my monthly payment going to be if I get a bigger loan?'
- Or, 'how much more is my monthly payment going to be if I get a bigger loan?'
- Or, 'I want to find out if the monthly payment is more to my liking if I can increase the loan term to 30 years?'
Click and grab the diamond on the slider line to make big changes as you are exploring "what-if" possibilities. If you need to enter an exact amount, click on the number in the edit box, then type in your number and hit the return key.
Results of your actions will display dynamically in a number of places, including on the line that has the red check mark on it.
The results of your actions will display dynamically in the bottom results box. The text will reflect the variable for which you are solving (the one with the red check mark on it). If you check a different variable, you will see different results.
Results of your actions will also display dynamically in a number of other places. Grab a diamond and slide it. Watch what happens.
The values for the individual items you have specified appear above the graph. The graph displays a comparison between the payoff times for a biweekly loan vs. a standard monthly loan. Drag the diamond below the graph to a payment number to get a readout showing the differences in remaining balance between the types of payments.
Click on the radio button for the payment option you want. The table shows the payment number, the interest and the principal for that payment, as well as the balance on you loan, as of that payment number.
Bear in mind that when you select the monthly option, payment #2 is the payment for your 2nd month. However, if you choose the biweekly option, payment #2 is the 2nd payment your are making, still in the first month. Remember, biweekly means every second week (26 in a year), not twice a month (24 in a year).
