Bimonthly Mortgage Payment Calculator

Bimonthly means every two months, so six double payments a year instead of twelve single ones. The same money arrives later, which costs more interest rather than saving it, and almost every page advertising a bimonthly mortgage plan actually means biweekly. Enter the balance, the rate and the years left and this amortises all four schedules on the same basis: bimonthly, semi-monthly at twice a month, biweekly at every fourteen days, and plain monthly, returning the payment, the payoff time and the total interest for each. Twenty six biweekly halves are thirteen monthly payments, which is where the only large saving comes from. Escrow, insurance and any fee a payment programme charges are left out.