Use this calculator to help you see the benefits of paying your mortgage Bi-Monthly. Enter your loan term, loan amount, interest rate and how many monthly payments you currently make. Then hit Calculate to see the savings you can make by paying more frequently.
As there are 52 weeks in a year you are effectively making 26 payments. For example, your current monthly mortgage repayment is $1,000 per month. For 12 months this will be $12,000. For a bi-monthly payment you will be paying $500 every two weeks which equates to $13,000 for the same time period. You are therefore effectively making an extra monthly payment a year and cutting down on your interest at the same time.