Mortgage Calculators, Principal Calculator, Interest Calculator  
 

 

Standard vs. Bi-Weekly

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Your Tax Rate
Tax Rate : (%)
 

Financial Analysis (Switch to Plain English)
  Standard Bi-Weekly
Length : 30 Yrs 0 Mts 23 Yrs 8 Mts
Time Saved : 6 Yrs 4 Mts
Bi-Weekly Payment : - $831.63
Monthly Payment : $1,663.26 $1,801.86
Total Interests Paid : $348,772.25 $261,363.89
Interest Savings : $87,408.35
Tax Savings : $90,680.78 $67,954.61
Tax Saving Losses : $22,726.17
Total Benefit
(Int. Savings - Tax Saving Losses) : 		$64,682.18
Plain English Help (Switch to Financial Analysis)

When you set up your mortgage payment repayment plan, you can choose between a standard repayment plan or a bi-weekly repayment plan. With the standard plan, it would take you 30 years to repay the loan while a biweekly plan will take 23 years and 8 months. This will save you 6 years and 4 months. But, the savings doesn’t end there.

If you took out a $250,000.00 loan with an interest rate of 7.000% and your federal tax rate is 26.000%, you can expect to pay $1,663.26 per month, while a bi-weekly payment plan will call for a payment of $261,363.89 every other week. As a result, you will pay only $261,363.89 in interest with the bi-monthly schedule rather than $348,772.25 with the standard payment plan. While this will result in a loss of $22,726.17 in tax benefits, you will still save a total of $64,682.18 with the bi-weekly plan.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.

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