Biweekly Payment Calculator
True Biweekly (Simple Interest Biweekly) versus Standard Biweekly
This calculator will show you how much you will save if you calculate interest for two-week intervals and apply the biweekly payments less the interest to reduce principal every two weeks (in other words, if you set up a true biweekly (sometimes called simple interest biweekly) payment schedule), instead of having your money withdrawn from your bank account every two weeks by your lender and making a full mortgage payment once a month plus one additional payment once a year out of a special account, managed by the lender (pseudo biweekly or standard biweekly payments). |
Please note:
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Mortgage professionals are welcome to participate! | ||
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