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Standard vs Bi-Weekly

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Description
This calculator performs a comparison between loans with monthly vs. bi-weekly loan payments.
Standard vs Bi-Weekly
Loan Information
Loan Amount ($)  Glossary of Terms
Interest rate (%)  Glossary of Terms
Length (Years)  Glossary of Terms

Result
Standard Mortgage Biweekly Mortgage
Monthly Payment: $1,100.65 Monthly Payment: $1,192.37
Total Interest: $246,232.87 Total Interest: $178,563.60
Yearly Payment: $13,207.76 Yearly Payment: $14,308.41
Loan length: 30 Year(s) 0 Month(s) Loan length: 23 Year(s) 1 Month(s)
Savings on Interest: $67,669.27
Time Saved: 6 Year(s) 11 Month(s)

Glossary of Terms
Loan Amount: Money borrowed that is usually repaid with interest to purchase property. Return to Top
Interest Rate: The amount of interest charged on a monthly loan payment; usually expressed as a percentage. Return to Top
Length of Loan: The number of years required to pay off the principal and interest of the loan. Return to Top

Disclaimer: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts.