Mortgage Bi-weekly Calculator
This calculator will show you how much you can save if you make half of your mortgage payment every two weeks instead of making a full mortgage payment once a month. In effect, you are making one extra mortgage payment per year!
1. Enter the remaining principal balance of your mortgage.
2. Enter the amount of your monthly mortgage payment.
3. Enter your mortgage’s current interest rate.
4. Click Perform Calculation to see how much you will save.
| Enter the remaining principal balance of your mortgage: | ||
| Enter the amount of your monthly mortgage payment: | ||
| Enter your mortgage’s current interest rate: | ||
| This is the total interest you will pay currently: | ||
| This is the total interest you will pay if you start paying bi-weekly: | ||
| This is the total amount of interest you will save: | ||
Mortgage Refinancing Calculator
This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will it calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.
1. Enter the remaining principal balance of your mortgage.
2. Enter the amount of your monthly mortgage payment.
3. Enter your mortgage’s current interest rate.
4. Enter your mortgage’s new interest rate.
5. Enter the number of years you will be refinancing.
6. Enter the amount for closing costs.
7. Click Perform Calculation to see how much you will save.
| Enter the remaining principal balance of your mortgage: | ||
| Enter the amount of your monthly mortgage payment: | ||
| Enter your mortgage’s current interest rate: | ||
| Enter the new interest rate you will be refinancing: | ||
| Enter the number of years you will be refinancing: | ||
| Enter the closing costs that will be required for refinancing: (Rule of thumb is 3% of your remaining principal) |
||
| This is your new monthly payment: | ||
| This is how much you will save each month: | ||
| Number of months to break even on closing costs: | ||
| This is the total interest you will pay currently: | ||
| This is the total interest you will pay if you refinance: | ||
| This is the total amount of interest you will save: | ||
| Total refinancing savings: | ||
The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Results should be discussed with a qualified professional before any product purchases or loan commitments are made.