Bi-Weekly Mortgage Calculator - How
Much Will it Save You?
By Geoff Morris
Tip!
Unless you allow the mortgage to go into too much arrears before
foreclosure, you should still make a profit on it. By using a mortgage
calculator that calculates many variables you can ensure that you
don't lose too many months of interest and therefore accrue less
profit.
Imagine if there was a way that could
help you could reduce the term of your mortgage by up to Five
Years? Just think - if you could reduce the term of your mortgage by up
to five years earlier, then you could even retire earlier, or enjoy 5
years of better holidays, better cars...
What would you do with this advice-
ignore it - and lose the chance to reduce your interest paid to those
greedy Banks over a 25 year period - or grab something back for
yourself?
What if all you had to do was to pay
half your mortgage bi-weekly (fortnightly to our UK cousins) - and all
these benefits would be yours...
Now, doing the math for bi-weekly
mortgages might be too much of a hassle for the regular home buyer,
but all a fortnightly mortgage is, is actually just your normal mortgage
payment cut in half. Every other week, you pay one half of your normal
mortgage payment.
Tip!
Figuring out whether to invest or to pay down debts is tricky. A
mortgage calculator can show you how much your monthly payments would
change if you replaced several debts with either a home equity loan or
a new mortgage.
Let's say for instance you have a
mortgage interest of 8% on your $100,000 home. By doing a bi-weekly
mortgage on this instead of a 30-year loan, you can estimate with a
bi-weekly mortgage calculator that the amount of your savings can reach
up to $48,000. Plus, you can even make 13 full payments and pay off
early on your home, so you can gain by paying less interest overall, and
over a shorter term. Using a fortnightly mortgage rate calculator, you
can see that bi-weekly payments will cost you $50 each month.
Interesting Facts You could reduce your
overall interest paid by up to 23% by using bi-weekly mortgage
repayments
If you don't want the hassle of doing
this yourself then contact your local broker, or visit some of the sites
given on this page.
The Internet is a smorgasbord of
mortgage calculators, including bi-weekly mortgage rate calculators.
Below is list of websites that feature bi-weekly mortgage rate
calculators for free use by their consumers.
Reduce-My-Mortgage.com Bi-Weekly
Mortgage Rate Calculator
The Reduce-My-Mortgage website offers a
bi-weekly mortgage rate calculator that allows you to enter your
personal information so you can start calculating your bi-weekly
mortgage payments. Their bi-weekly mortgage rate calculator also helps
you determine how much you can save in both time and money.
The site also features an update corner
where bi-weekly mortgage buyers are told about recent mortgage news.
These news like the home loan errors found out by the CLA (Consumer Loan
Advocates) helps the consumer realize the importance of using a
bi-weekly mortgage rate calculators. In addition to helping you
calculate your savings, this fortnightly mortgage rate calculator may
also be used on Automobile, Boat, Student, and Business loans.
Vlender.com Bi-Weekly Mortgage Rate
Calculator
Virtual Lender is a Turkish website
offering solutions such as bi-weekly mortgage rate calculators for
either the individual loan officer or the entire mortgage company. Their
bi-weekly mortgage rate calculator helps consumers determine the amount
and projected period of loan payments.
1Stop-MortgageCalculator.com Bi-Weekly
Mortgage Rate Calculator
This website offers a monthly and
bi-weekly mortgage rate calculator to help you determine your payments.
The only thing you need to do with the 1 Stop monthly and bi-weekly
mortgage rate calculator is enter the principal loan into the field
provided. After that, also type in the interest rate and the loan term
into the bi-weekly mortgage rate calculator and find out how much your
monthly payment will be. Also, this bi-weekly mortgage rate calculator
will also let you know how much you save if you use bi-weekly payments.
DinkyTown.net Bi-Weekly
Mortgage Rate Calculator
The bi-weekly mortgage rate
calculator of this website will show you the possible savings you
can make with your type of mortgage loan. Accelerated bi-weekly mortgage
payment is the technique used by this fortnightly mortgage rate
calculator in order to determine the amount of savings. Bi-weekly
payments usually work in only one way. They can accelerate your mortgage
pay off by paying half of your normal monthly payment every two weeks.
By the end of each year, you can see using a fortnightly mortgage rate
calculator that what you have paid for is equivalent to 13 monthly
payments instead of 12. This technique used by this bi-weekly mortgage
rate calculator can take several years off your mortgage term and also
save you thousands of dollars in interest.
So there you have it. The choice is
yours...
You can Do Nothing - and what benefits
will you get ... NOTHING.
Or you can take easy steps to slash the
horrendous amount of interest that you would normally pay over the life
of your mortgage, and shorten the term you are paying for it for, and
make the poor banks to to be the losers. |
