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2b

Mortgage Prepayment Calculator

Biweekly Payments Applied Monthly

Who This Calculator is For: Borrowers who want to know when their loan will pay off,
and how much interest they will save, if they shift to a biweekly payment plan,
and if they make extra voluntary payments in addition to their required biweekly payment.

What This Calculator Does:This calculator provides amortization schedules for
biweekly payment mortgages, with or without additional payments,
where the payments are applied monthly.

 
Enter Loan Information
  New Loan Amount or Existing Loan Balance  (e.g. 100000)
  Interest Rate  (e.g. 7.50)
  New Loan Term or Period Remaining on Existing Loan, in Months  (e.g. 360)
  Number of Biweekly Payments in the First Year?  (1 to 26 - default is 26)

DO NOT USE DOLLAR SIGNS ($), COMMAS (,) PLUS OR MINUS SIGNS ( + / - )
OR PERCENTAGE SIGNS (%) IN ANY INPUT BOXES

Enter Extra Payments
Extra Payment
Intervals
Amount
of Change
Starting In
Month #
Duration Ending In
Month #
 

Read What the Mortgage Professor Says About Paying Off Early

On old loans, the period remaining equals the original term less the number of monthly payments you have made, provided you have not made any prepayments. If you have made any extra payments, you can find the period remaining by clicking here and entering your current balance, rate, and monthly payment. Make sure the payment is principal and interest only. If you have been making BW payments, assume the loan is new and enter the original term. If you have been systematically making extra payments, enter these as well. If you have been making extra payments but not systematically, you can't use this calculator. This item is optional. If you want to know your interest payments for the remainder of the first year, indicate the number of biweekly payments you will be making in the first year. The program will default to a full year (26 payments).