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Bi-weekly &
Weekly Mortgage Calculator
Definitions
Accelerated weekly and bi-weekly payments
We calculate an accelerated bi-weekly mortgage
payment, for example, by taking your normal monthly payment and
dividing it by two. Since you pay 26 bi-weekly payments, by the end
of a year you have paid the equivalent of one extra monthly payment.
This additional amount accelerates your loan payoff by going
directly against your loan's principal. The effect can save you
thousands in interest and take years off of your mortgage.
The accelerated weekly payment is
calculated by dividing your monthly payment by four. You then make
52 weekly payments. Just like the accelerated bi-weekly payments,
you are in effect paying an additional monthly payment each year.
Mortgage amount
The total amount for this mortgage loan.
Interest rate
The interest rate on this mortgage loan.
Mortgage amortization
The number of years over which you would repay
this loan if you made your normal monthly payment. The most common
amortizations for mortgages are 15 years and 30 years.
While we have made
the loan calculator as accurate as possible, it may not be exact in
all cases. To get precise answers, call
888.802.1296
to talk to one of our Savings Analysts, who will answer your
questions and get you enrolled over the telephone.
:: Mortgage Calculator
To get
accurate answers regarding your specific loan information
call
888.802.1296
to talk to one of our savings analysts
:: Spanish
For your convenience
we have Spanish speaking representatives in all departments.
