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Standard vs. Bi-Weekly

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Amount :	($)
Interest Rate :	(%)
Length :	(Years)
Your Tax Rate
Tax Rate :	(%)
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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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City Resource v5.1 has 18 of the best Mortgage Calculators you'll ever find. Their easy for the beginner looking to make his/her first home purchase with easy to understand Plain English Help, or you can switch to a Financial Analysis for advanced features, and just so you can have your information on hand when you need it, it will even create a PDF file that you can save or printout. This Desktop Software was designed to help you, and much more.

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