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Accelerated Biweekly Payment Calculation:
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Accelerated biweekly mortgage payments involve paying half of your monthly mortgage payment every two weeks. This results in 26 payments per year, equivalent to 13 monthly payments, which helps pay off your mortgage faster.
The calculator uses the following formula:
With 26 payments per year (every 2 weeks), this results in the equivalent of one extra monthly payment each year.
Details: This payment method can reduce your amortization period by several years and save you thousands in interest payments over the life of your mortgage.
Tips: Enter your regular monthly mortgage payment amount to calculate your accelerated biweekly payment amount and see the equivalent monthly impact.
Q1: How much faster will I pay off my mortgage?
A: Typically 4-6 years faster on a 30-year mortgage, depending on your interest rate.
Q2: Is this different from regular biweekly payments?
A: Yes, regular biweekly payments are half-payments that result in exactly 12 monthly payments per year. Accelerated payments result in 13 monthly payments.
Q3: Are there any fees for this payment schedule?
A: Some lenders charge setup fees, but many offer it for free. Check with your lender.
Q4: Can I switch back to monthly payments?
A: Most lenders allow you to change your payment schedule, but check your mortgage terms.
Q5: How much interest will I save?
A: Savings vary but can be substantial - often tens of thousands of dollars over the life of the loan.