# Biweekly mortgage calculator

# Biweekly mortgage calculator

A biweekly mortgage is a type of mortgage where you make payments every two weeks instead of once a month. This can result in faster repayment of your mortgage and potentially significant savings on interest payments over the life of the loan.

To calculate your biweekly mortgage payments, you can use the following formula:

**P = (L*(r/26)*(1+r/26)^n)/((1+r/26)^n-1)**

Where:

**P is the biweekly payment amount**

**L is the loan amount**

**r is the annual interest rate (as a decimal)**

**n is the total number of biweekly payments (which is twice the number of years in the loan term)**

For example, let’s say you have a 30-year mortgage with a loan amount of $300,000 and an interest rate of 4%. The total number of biweekly payments would be 30*26 = 780. Using the formula above, your biweekly payment amount would be:

**P = (300000*(0.04/26)*(1+0.04/26)^780)/((1+0.04/26)^780-1) = $771.02**

So your biweekly mortgage payment would be $771.02. Keep in mind that this is just an estimate, and your actual payment may be slightly different depending on your lender’s specific calculations.

## Biweekly mortgage

A biweekly mortgage is a type of mortgage where the borrower makes payments every two weeks instead of once a month. This results in 26 biweekly payments per year, which is the equivalent of 13 monthly payments.

By making payments more frequently, a biweekly mortgage can help you pay off your loan faster and save money on interest over the life of the loan. Because you’re making an extra payment each year, you’ll reduce the total amount of interest you pay and shorten the term of your mortgage.

For example, if you have a 30-year mortgage with a loan amount of $300,000 and an interest rate of 4%, you would pay approximately $215,609 in interest over the life of the loan if you made monthly payments. However, if you switched to a biweekly payment schedule, you could save over $30,000 in interest and pay off your mortgage 5 years earlier.

It’s important to note that not all lenders offer biweekly mortgages, and some may charge fees or higher interest rates for this type of loan. Before deciding to switch to a biweekly mortgage, be sure to do your research and compare the costs and benefits with your current mortgage.