Biweekly Mortgage Calculator

Paying half the monthly payment every fourteen days means 26 half payments a year, which is one extra monthly payment every year. Enter the balance, the rate and the years left, and this compares that schedule against the monthly one: the biweekly payment, when the loan clears, the time cut off the term and the interest saved. The fortnightly side is worked out a payment at a time at the annual rate divided by 26, with the last payment reduced to whatever is left rather than rounded up. Before signing up to anything, check whether your lender applies each payment on the day it arrives or simply holds it, because a held payment saves nothing.