Bi-weekly Mortgage payments to pay off debt early

How Hard Is It?
It is actually easier for some people to make a payment each time they receive a paycheck than to make a larger payment once a month. This will financially help someone who is on a bi-weekly payroll to more easily budget for his or her house payment. Instead of a large payment being made once a month, it is broken down to more manageable payments, that in turn will be paid when you are getting paid yourself. You may fell a little less pain making smaller payments.

What is it?
Bi-weekly mortgage payment is basically taking your monthly home, mortgage or equity loan payment and dividing it in half. Then set up a schedule to pay half your payment every two weeks, instead of once a month. This is a great financial strategy, especially if you are on a fixed pay period of every two weeks.

Bi-Weekly Mortgage Calculator
This calculator will show you how much you will save if you make 1/2 of your mortgage payment every two weeks instead of making a full mortgage payment once a month. In effect, you will be making one extra mortgage payment per year -- without hardly noticing the additional cash outflow. But, as you're about to discover, you will certainly notice the "increased" cash flow that will occur when you pay your mortgage off way ahead of schedule! Instructions: Complete the top 5 entry fields and click the "Compute" button. If you are entering data for a future mortgage, you can leave the "Current monthly mortgage payment" field blank, and the calculator will compute the payment for you.
Dollar amount of your mortgage:
Interest rate of your mortgage:
Term of your mortgage in months:
Current monthly mortgage payment:
Number of monthly payments you have already paid:


Your Current Mortgage
Dollar amount of your mortgage:
Percentage rate of your mortgage:
Your current monthly payment:
Total Interest paid:
Paid off in:
With the Bi-Weekly Plan
Your bi-weekly payment:
Total Interest paid:
Total Interest savings:
Paid off in:
Number of payments saved:
Equivalent interest rate:
If You Pay an Additional $25 Every Payment
Your bi-weekly payment:
Total Interest paid:
Total Interest savings:
Paid off in:
Number of payments saved:
Equivalent interest rate:
Save Even More by Paying an Additional $50 Every Payment
Your bi-weekly payment:
Total Interest paid:
Total Interest savings:
Paid off in:
Number of payments saved:
Equivalent interest rate:

Bank Assistance?
A great idea is to have your payment automatically withdrawn from your payroll check. Not only will it keep your bi-weekly payments on time, but it will also help assist you in staying within your budget. It also helps with your credit rating to keep your payments on time and chisel at the principle payments at an accelerated rate.

What is in it for me besides budgeting?
The reward is all the money you will save and how much sooner you will pay off your mortgage in advance. It is one more strategy to work your way to financial freedom by working smarter instead of harder.