Good to know | Most banks that offer a bi-Weekly mortgage payment plan charge you a NON-REFUNDABLE FEE of $300 to $500. Also as part of the agreement, you must fill out the a form allowing the bank to draft your checking account twice each month. Banks also charge a service fee each and every time they draft your account. The charges for each draft probably range from $2.00 to $3.00 for the next 20 years. This will amount to between $1,050 and $1,560 for that period of time. Keep in mind that if you cannot for some reason keep up the bi-Weekly payment, you will lose the up front fee. |
Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments! Press the "View Report" button for a full yearly or monthly amortization schedule. Create an amortization schedule and determine the impact of principal prepayments. Making 1/12 of a monthly payment each and every month as a prepayment gives you about the same result as a bi-Weekly mortgate payment program. Make sure your mortgage agreement allows you to prepay. Our illustration shows a payment of $615.62 per month for a $100,000 mortgage at an interest rate of 6.25%. Dividing $615.62 by 12 gives us $51.00 per month that we can prepay, of course you may prepay any amount that you wish. When you input the $51.00 into the illustration, make sure that you put in the type, i.e. month. The extra $51.00 per month will shave 5 years off your mortgage and save you $26,633 in interest. There are no fees connected to mortgage prepayments. | 
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