Bi-Weekly Mortgage Calculator

• How to use bi-weekly mortgage calculator?
• What is a biweekly mortgage?
• How to find the number of payments in a bi-weekly mortgage?
• How to calculate the interest rate per period in a bi-weekly mortgage?
• How to calculate the bi-weekly mortgage?

How to use bi-weekly mortgage calculator?

To calculate your bi-weekly mortgage using our calculator input the fields and click calculate button and you will see the result on the right side of our calculator. Also by clicking the view report button you will see the amortization table for your loan.

What is a biweekly mortgage?

A mortgage on which the borrower makes payments every two weeks results in loans that repay earlier and have lower total interest payments than loans that repay every month. For example, a 30-year mortgage with payments every two weeks can be repaid in 20 years. Many bi-weekly loan repayment programs offer to make loan payments by automatic electronic debiting of the borrower's bank account.

How to find the number of payments in a bi-weekly mortgage?

The number of payments in a biweekly mortgage is equal to the mortgage term times half of the number of weeks in the year.

Formula:n = t*\dfrac{nw}{2} = t*\dfrac{52}{2} = 26*t

• n - number of payments
• t - mortgage term
• nw - number of weeks in the year(equal 52)

How to calculate the interest rate per period in a bi-weekly mortgage?

To calculate the mortgage interest rate per payment we use the below formula: IRPP = \Bigg(1+\dfrac{AIR}{CF}\Bigg)^{\frac{CF}{PF}}-1

• IRPP - interest rate per payment
• AIR - annual interest rate
• CF - compounding frequency
• PF - payment frequency

In our case compounding frequency is equal to monthly which is 12, and payment frequency is equal to 26(half of the weeks in the year). This means that formula would become IRPP = \Bigg(1+\dfrac{AIR}{12}\Bigg)^{\frac{12}{26}}-1

How to calculate the bi-weekly mortgage?

To calculate bi-weekly mortgage payment use bellow formula:bp = a*\dfrac{IRPP*(1+IRPP)^n}{(1+IRPP)^n - 1}