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Biweekly Mortgage Calculator With Extra Pay

Biweekly Payment Formula:

\[ \text{Biweekly Payment} = \frac{(P \times r \times (1+r)^n)}{((1+r)^n -1)} \]

where \( r = \frac{\text{rate}}{26} \), \( n = \text{years} \times 26 + \text{Extra} \)

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1. What is a Biweekly Mortgage Calculator?

The Biweekly Mortgage Calculator computes your mortgage payment when paid every two weeks instead of monthly. This results in 26 half-payments per year (equivalent to 13 full monthly payments), which can significantly reduce your loan term and interest paid.

2. How Does the Calculator Work?

The calculator uses the biweekly payment formula:

\[ \text{Biweekly Payment} = \frac{(P \times r \times (1+r)^n)}{((1+r)^n -1)} \]

where \( r = \frac{\text{rate}}{26} \), \( n = \text{years} \times 26 \)

Where:

Explanation: The formula calculates the fixed payment needed to pay off the loan over the specified term with biweekly payments.

3. Benefits of Biweekly Payments

Details: Making biweekly payments can save thousands in interest and shorten your loan term by several years. Adding extra payments amplifies these benefits.

4. Using the Calculator

Tips: Enter your loan amount, interest rate, loan term, and any extra amount you plan to pay biweekly. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How much can I save with biweekly payments?
A: On a 30-year $300,000 loan at 4%, biweekly payments save ~$28,000 and pay off the loan 4-5 years early.

Q2: Is biweekly better than monthly with extra?
A: Mathematically equivalent if extra monthly payment equals half a payment. Biweekly may be easier to budget.

Q3: Do all lenders accept biweekly payments?
A: Some require setup fees. Check with your lender about their policies.

Q4: How does extra payment affect the calculation?
A: Extra payments reduce principal faster, saving interest and shortening the loan term.

Q5: Can I use this for other loan types?
A: Yes, it works for any amortizing loan (car, personal) with fixed rates.

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