How Do You Calculate Biweekly Mortgage Payments?

Calculating biweekly mortgage payments can give you the ability to clearly analyze what type of savings can be assumed by making a payment on your mortgage every other week. Not to be confused with a bimonthly mortgage payment, a biweekly mortgage requires you to make a partial payment every other week. In most cases, this means you will make 26 biweekly mortgage payments each year instead of 12 monthly payments.

On average, over the course of a 30 year loan, a homeowner could easily knock off over 5 years on their house just by making biweekly mortgage payments. Overtime, this can add up to thousands and thousands of dollars in savings! Every homeowner should do themselves a favor and at least consider calculating the savings that could be had from making biweekly mortgage payments.

If you are interested in reviewing your possible savings, check out the following steps on how to calculate biweekly mortgage payments. Write down important data concerning your loan as the first step in ... more.

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