This mortgage calculator helps you understand how extra biweekly payments can affect your mortgage payoff and interest savings.
How It Works
Making extra payments every two weeks can significantly reduce your loan term and save you money on interest. This calculator helps you estimate your new mortgage term and monthly payment when extra biweekly payments are included.
Example Calculation
Loan Amount: $300,000, Interest Rate: 3.5%, Loan Term: 30 years, Extra Biweekly Payment: $200. Your new monthly payment and payoff date will be calculated.
Why Extra Payments Matter
Paying biweekly instead of monthly allows you to make one extra payment each year, helping you pay off your mortgage faster and save on interest.