Bi-Weekly Mortgage Calculator

Some people (including some brokers) talk a lot about the advantages of bi-weekly payment plans. Do not rely on the opinions of other people only, make your own choice.

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Amount : ($)
Interest Rate : (%)
Length : (Years)
Interest compounded :
Your Tax Rate
Tax Rate : (%)
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Financial Analysis (Switch to Plain English)
  Standard Bi-Weekly
Length : 30 Yrs 0 Mts 25 Yrs 3 Mts
Time Saved : 4 Yrs 9 Mts
Bi-Weekly Payment : - $671.03
Monthly Payment : $1,342.05 $1,453.89
Total Interests Paid : $233,139.46 $189,734.44
Interest Savings : $43,405.02
Tax Savings : $60,616.26 $49,330.95
Tax Saving Losses : $11,285.31
Total Benefit
(Int. Savings - Tax Saving Losses) : 		$32,119.72
Plain English Help (Switch to Financial Analysis)

When you set up your mortgage repayment schedule, you'll be able to choose between a standard repayment plan and a bi-weekly repayment plan. While a standard plan requires 30 years to repay the loan, its biweekly equivalent takes 25 years and 3 months. You'll be free from your debt 4 years and 9 months sooner. Naturally, the saved time means saved money.

If you take out a $250,000.00 loan with an interest rate of 5.000% and your federal tax rate is 26.000%, you should expect a payment of $1,342.05 per month, while a bi-weekly payment plan will require $671.03 every other week. As a result, your overall payment towards interest will amount to $189,734.44 with a bi-weekly schedule rather than $233,139.46 with a standard payment plan. Even though the bi-weekly payments will lead to a loss of $11,285.31 in tax benefits, the total savings of $32,119.72 will still be there for you.