Biweekly Mortgage Calculator is an online personal finance assessment tool programmed to calculate Biweekly monthly interest, total interest and the interest savings when compared to monthly mortgage total payments. Loan principal amount, interest rate and maturity period are the key terms to analyze the biweekly mortgage deals to select the best option in the finance market.
A Biweekly Mortgage is a mortgage loan repayment plan where the borrower makes payments towards the principal and interest for every two weeks instead of monthly once. The Biweekly payment is exactly one half of the amount a usual monthly loan repayment. For example you make 12 payments for monthly payment in a year, while you make 26 payments for bi-weekly payment in year. Since you make more payment, you put more money to reduce the total mortgage amount. This one additional payment in every month is credited towards the principal mortgage balance and will save you a lot of money on interest and allow you to pay off your mortgage early. Due to high availability of mortgage lenders one can comfortably find out the attractive deals in the finance market. In order find out the better deal, this biweekly mortgage calculator assists you to compare different options with various lenders. Thus you can determine which financial institution provides you the best value by comparing different rates, principal amounts, time periods and your interest repayment savings.