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Bi-Weekly Mortgage Calculator - How Much Will it Save You?

By: Geoff Morris

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Imagine if there was a way that could help you could reduce the term of your mortgage by up to Five Years? Just think - if you could reduce the term of your mortgage by up to five years earlier, then you could even retire earlier, or enjoy 5 years of better holidays, better cars...

What would you do with this advice- ignore it - and lose the chance to reduce your interest paid to those greedy Banks over a 25 year period - or grab something back for yourself ?

What if all you had to do was to pay half your mortgage bi-weekly (fortnightly to our UK cousins) - and all these benefits would be yours...

Now, doing the math for two weekly commitments might be too much of a hassle for the regular home buyer, but all a fortnightly mortgage is, is actually just your normal mortgage payment cut in half. Every other week, you pay one half of your normal mortgage payment.

Let's say for instance you have a mortgage interest of 8% on your $100,000 home. By doing a two weekly mortgage on this instead of a 30-year loan, you can estimate with a bi-weekly repayment that the amount of your savings can reach up to $48,000. Plus, you can even make 13 full payments and pay off early on your home, so you can gain by paying less interest overall, and over a shorter term. Using a fortnightly mortgage calculator, you can see that bi-weekly payments will cost you $50 each month.

Interesting Facts: You could reduce your overall interest paid by up to 23% by using two weekly repayments

If you don't want the hassle of doing this yourself then contact your local broker, or visit some of the sites given on this page.

The Internet is a smorgasbord of mortgage calculators, including bi-weekly mortgage repayment estimation tools. Below is list of websites that feature two-weekly mortgage rate calculators for free use by their consumers.

Reduce-My-Mortgage.com Bi-Weekly Mortgage Rate Calculator

The Reduce-My-Mortgage website offers a bi-weekly mortgage calculator that allows you to enter your personal information so you can start calculating your new mortgage payments. Their bi-weekly repayment calculator also helps you determine how much you can save in both time and money.

The site also features an update corner where fortnightly mortgage buyers are told about recent mortgage news. These news like the home loan errors found out by the CLA (Consumer Loan Advocates) helps the consumer realize the importance of using a bi-weekly repayment calculator. In addition to helping you calculate your savings, this fortnightly mortgage rate calculator may also be used on Automobile, Boat, Student, and Business loans.

Vlender.com Bi-Weekly Mortgage Rate Calculator

Virtual Lender is a Turkish website offering solutions such as bi-weekly mortgage rate calculators for either the individual loan officer or the entire mortgage company. Their calculator helps consumers determine the amount and projected period of loan payments.

1Stop-MortgageCalculator.com Bi-Weekly Mortgage Rate Calculator

This website offers a monthly and two weekly mortgage rate calculator to help you determine your payments. The only thing you need to do with the 1 Stop monthly and two-weekly mortgage repayments is enter the principal loan into the field provided. After that, also type in the interest rate and the loan term into the bi-weekly mortgage rate calculator and find out how much your monthly payment will be. Also, this mortgage estimator will also let you know how much you save if you use bi-weekly payments.

DinkyTown.net Bi-Weekly Mortgage Rate Calculator

The two weekly mortgage estimator of this website will show you the possible savings you can make with your type of mortgage loan. Accelerated bi-weekly mortgage payment is the technique used by this fortnightly mortgage rate calculator in order to determine the amount of savings. Bi-weekly payments usually work in only one way. They can accelerate your mortgage pay off by paying half of your normal monthly payment every two weeks. By the end of each year, you can see using a fortnightly mortgage rate calculator that what you have paid for is equivalent to 13 monthly payments instead of 12. This technique used by this fortnightly mortgage calculator can take several years off your mortgage term and also save you thousands of dollars in interest.

So there you have it. The choice is yours...

You can Do Nothing - and what benefits will you get ... NOTHING.

Or you can take easy steps to slash the horrendous amount of interest that you would normally pay over the life of your mortgage, and shorten the term you are paying for it for, and make the poor banks to to be the losers.

Article Source: http://depositarticles.com/

Geoff Morris reduced the mortgage on his 15 properties by over 20% across them all by switching to bi-weekly mortgage repayments. For more details visit his On-Line Mortgage Resource Center

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