Bi-Weekly Payment Calculator
We all want to be mortgage free… and the sooner the better! You've probably heard that using a bi-weekly or weekly payment schedule can save you money in the long run.
Take some time to run the numbers with our Bi-Weekly Mortgage Payment Calculator. You can look at the possible dollar savings by making turning to an accelerated bi-weekly or even an accelerated weekly mortgage payment. You can also quickly see how much faster you can pay off your mortgage with different payment approaches.
What is the advantage of bi-weekly or weekly mortgage payments? Lenders in Canada commonly offer a bi-weekly mortgage payment plan, where you make a half-payment every two weeks instead of a full payment once each month. By paying bi-weekly you'll make twenty-six half payments, or 13 full payments each year – one more than you would have made by using traditional monthly payments. With weekly payments, in months that have five weeks, you'll be making an extra payment.
Every dollar of those extra payments goes towards reducing the principal balance of your mortgage, the balance on which future interest calculations are based. As you reduce the principal, you reduce the total interest paid, and the amount of time it takes to pay off the mortgage.
The Bi-Weekly Mortgage Payment Calculator is a good start to learning about different mortgage payment plans. To get a better picture of the power of accelerated bi-weekly or weekly payments consult with an Invis mortgage broker. He or she can introduce you to all your mortgage options, as well as strategies for paying down your debt quicker.
