biweekly extra payment mortgage calculator

But with this bi-weekly payment, you have to make 26 payments with every payment of $749.44. With the monthly payments, you had to make 12 monthly payments and the amount would be $17,986.56. These extra benefits come with your sacrifice. And you will pay off your loan 5 years 6 months and 30 days earlier. If you make this payment after every 14 days, you will pay only $226,748.14. If you divide your monthly scheduled payment ($1498.88) into two equal parts, your bi-weekly scheduled payment will be $749.44. After 30 years of your regular payment, you will pay a total of $289,596.80 as interest. If you pay monthly, your monthly scheduled payment will be $1498.88. Suppose, you took a loan of the amount of $250,000 for 30 years with a 6% annual percentage rate. The main advantage of making bi-weekly payments is saving a good chunk of money and pay off your mortgage loan faster. The accelerated bi-weekly payment is $599.55. =(PMT((1+apr/VLOOKUP(interest_compounded,periodic_table,3,0))^(VLOOKUP(interest_compounded,periodic_table,3,0)/VLOOKUP('Monthly',periodic_table,3,0))-1,term*12,-loan,0,payment_type))/2Įxcel will automatically calculate the output. The next step is the calculation of the bi-weekly payments. Step 2: Calculate Biweekly Payment with Extra Payments When you will pay some extra money rather than your regular and Extra Payment, you will input that payment in this column.

Extra Payment (Irregular): You will find this column in our first Excel template (on the left).Interest and time savings are mind-blowing. Just check out the total interest saving just adding 20-25$ every bi-weekly. If your Remaining Years are 28 years and you add some value in this field ( Extra Amount), for the rest of the periods (bi-weekly), you will keep paying this extra amount.

Extra (Recurring) Amount You Plan to Add: This is the extra recurring amount you want to add every bi-weekly.So, I have only allowed Interest Compounding Frequencies: Monthly, Bi-monthly, Quarterly, Semi-annually, and Annually. This calculator is made for those who are interested to make their monthly payment in two equal parts twice a month (after every 14 days). For Bi-weekly payments, interest is also compounded Bi-weekly. Interest Compounding Frequency: Generally, if you make your payments Monthly, interest is compounded Monthly.Generally, for Mortgage Loans, payments are normally done at the End of the Period. Payment Type: There are two payment types: End of the Period and Beginning of the Period.Loan Date (mm/dd/yy): Input the date from when your interest is calculated.Annual Percentage Rate (APR): This is the Nominal Interest Rate.Original Loan Amount: Input the original amount of your loan.Only Value > 1 is accepted in this field. Now you want to start your Extra Payments to pay off your loan faster. Suppose, you have already made 2 years of payments on your 30 years mortgage. The year you will input, after that year your Extra Payment will be counted. Remaining Years: If you have already made some payments and now you want to start your Extra Payments, input the Remaining Years of your loan.For home mortgages, it is normally 20-30 years of the period. Original Loan Terms (Years): This is the original tenure of your loan.You can also give some irregular payments as input. The first step is to input the loan details. We divided the monthly payment by 2 to get the bi-weekly accelerated payment. For other templates, we have calculated the bi-weekly payment ( Accelerated) from the monthly payment. In the first template (on the left side of the worksheet), we have calculated the genuine bi-weekly payment ( Equivalent). This Excel template has actually two templates. So, every 14 days, you will make one payment. We have made our Bi-weekly mortgage calculator with 26 payments per year. But if you plan to pay twice a month, your total payments will be 24.Ģ Steps to Calculate Biweekly Mortgage Calculator with Extra Payments in Excel So, regular bi-weekly is 26 payments per year. If you pay with the monthly schedule, you will pay 12 times a year. If you pay the loan with the bi-weekly schedule, your total number of payments in a year will be 26 ( 26 x 14 days = 364 days). Biweekly Mortgage Calculator Template.xlsxīi-weekly is a period of 14 days.

Biweekly extra payment mortgage calculator