Biweekly Mortgage Payment Calculator - Early Mortgage Payoff
By: Jim Eastman | Posted: 30th May 2007
A Biweekly Mortgage Payment Calculator will make you think differently about how you pay your mortgage.
If you're currently making monthly mortgage payments on your home, here are some facts you need to be aware of. First of all, once you have finally paid off your mortgage you will have paid roughly 3 times the amount of the loan itself.
In addition, assuming you had a 30 year loan it will have been 23 years to have paid nearly half of the original balance! An appalling reality wouldn't you agree?
But given that realization the question is - is there a way to rectify the matter?
Some people look to refinancing to resolve the matter. But although refinancing might mean a lower interest rate the fact remains that you will still have to pay interest far in excess of the loan. Not to mention you'll be burdened with closing costs and a mountain of annoying paperwork.
However there's a better solution.
A biweekly mortgage payment plan will reduce your interest by not only hundreds or thousands - but TENS of thousands - of dollars!
The actual savings will depend on the remaining term, balance and interest rate on your current home loan. But a biweekly mortgage payment calculator will speedily show you the figures along with an amortization schedule showing a comparison of your current payment schedule to a biweekly payment method.
In case you've never heard of "biweekly mortgage payments", a biweekly payment plan doesn't call for a change in either lenders or the amount you pay per month. Stated simply, it changes only the WAY to pay off your loan. Instead of making just one payment a month, you pay half the normal payment but pay every two weeks.
By utilizing a biweekly mortgage payment calculator you will be shown the benefits of the biweekly plan, regarding total interest paid and the time period it will take to repay your mortgage.
But the biweekly plan also offers convenience!
Instead of needing to plan on coming up with one large payment on a monthly basis, you'll pay on a bimonthly basis and pay only half the normal payment. And because most people are paid weekly or every two weeks, payments can coincide with payday, eliminating the need to budget your resources.
To find out how much a biweekly payment plan can save YOU, it takes only a few seconds to find out. Go check out a Biweekly Mortgage Payment Calculator and get your answer now!
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About the Author
Jim Eastman is writer on financial related topics including consumer advocacy issues. To find out how YOU can save Tens of Thousands of dollars in mortgage interest - withoug refinancing or changing lenders - visit http://www.build-home-equity.com/bi
About the Author
Jim Eastman is support contact for eBusiness Power who has a number of web sites. Those wanting more information can visit www.DynamiteInfoProducts.com
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Tags: thousands of dollars, time period, realization, paperwork, tens of thousands, lenders, interest rate, closing costs, amortization, 23 years, monthly mortgage payments, home loan, amortization schedule, better solution