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Bi-weekly Payments
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sam1919
Posted 8/16/2007 9:09 PM (#1570)
Subject: Bi-weekly Payments
On the bi-weekly payment calculator, I would like to see an option that would allow us to plug in a certain bi-weekly payment amount (either higher or lower than the fully indexed 30 yr amort. payment) to see the effect on the total interest paid. Also, I would like to see a calculation of the equivalent interest rates for bi-weekly payments vs. standard payments, assuming the total interest paid is equal (how much lower would the interest rate have to be on a standard payment plan in order to pay the same amount of total interest as you would on a bi-weekly payment plan?).
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