How Do You Calculate A Bi-Weekly Mortgage Payment?
The largest loan that most people will ever have is the loan for their home. Over the life of the loan, you will pay over twice the value of the original loan in interest payments. If you adopt a bi-weekly payment schedule, you will pay a 30-year mortgage off in only 24 years, saving about 30 percent of the value of the original loan in interest payments. Decide from the many types of twice-monthly payments that you want to set up with your mortgage holder. The available types of schedules are bi-monthly, standard bi-weekly, true bi-weekly or a prepayment for 1/12 of a month’s payment. Each of these takes a different amount of time to pay the loan off and will end up paying a different amount of interest. If your goal is to pay the least amount of interest on your loan then the true bi-weekly schedule is the one that you will choose. Find the normal monthly mortgage payment from your lender. This amount is split in half and will be paid to the lender on a two week schedule so that ther
