Mortgage Watch

A Biweekly Mortgage Payment Calculator will make you think differently about how you pay your mortgage.

If you own a home and are currently paying on your mortgage, there are some shocking truths you need to know about. First of all, by the time you have finally paid the balance on your loan you'll have paid nearly 3 times the amount of the original loan. And in addition, if you have a 30 year loan it will have taken 23 years to pay a mere half of the balance!



A sobering thought to say the least!

Now given that fact the question is - what's to be done about it? There are those who look at refinancing for a solution. But although it could mean a lower interest rate the fact remains that you'll still have to pay interest that far exceeds the amount of the loan. And what's more there are still closing cost to consider and the inevitable paperwork to deal with.

But there's a far better alternative than refinancing. A biweekly mortgage payment plan will cut your interest paid in terms of not hundreds, or even thousands - but TENS of thousands - of dollars!

The actual amount you will save is dependent on your remaining balance, term, and the current interest rate on your current loan. But a biweekly mortgage loan payment calculator will promptly give you the figures and include an amortization schedule showing a comparison of your present payment method to a biweekly payment schedule.

In case you've never heard of "biweekly mortgage payments", a bi weekly payment plan doesn't call for changing your lender nor the amount of your monthly payment. Simply put, it changes only the WAY to make your mortgage loan payments. Rather than make one monthly payment, you pay half the normal payment but pay every two weeks.

By looking at a biweekly mortgage loan payment calculator you will see the advantages of the biweekly plan, in terms of the total amount of interest you pay and the number of years it will take to pay off the balance of your loan.

But the biweekly plan also offers convenience!

Rather than having to budget your finances and come up with one huge payment at the end of the month, you'll pay on a bimonthly basis and pay only half the normal payment. And since most people get a paycheck every 1 - 2 weeks, the payment schedule can be set up to coincide with payday, making it easier to plan your budget.

If you're curious to know how much YOU can save by going to a biweekly payment plan, it takes only a few seconds to find out.

Take a look at a Biweekly Mortgage Loan Payment Calculator and get your answer!