Standard vs BiWeekly Mortgage Calculator

Input

Loan Information

Loan Amount:Help
Interest Rate:Help
Term:Help
Interest compounded:Help
Federal Tax Rate:Help
State Tax Rate:Help
Your Email Address:Help

1

0

0



Financial Info

Standard vs BiWeekly Mortgage Calculator

For the loan amount of $250,000.00, with interest calculated at a rate of 5% and compounded Monthly, over 30 years (plus a federal tax rate of 22% and a state tax rate of 5%), you will save approximately 4 Years 7 Months by switching to bi-weekly payments. Your bi-weekly payment will be $671.03, versus a standard monthly payment of $1,342.05. This means you will save $42,856.89 in interest payments. You will experience a higher tax savings of $62,947.65 with a standard payment than you will with a tax savings of $51,376.30 with a bi-weekly payment, which results in a tax savings loss of $11,571.36. The net result is a total benefit of $31,285.53.

Total benefit is $31,285.53 and is positive, you will save more in the long run by using bi-weekly payments. This is due to the fact that you are paying more each month and shortening your mortgage length, which cuts down on your interest payments.

 
Current Interest Rates
PRODUCT +/- Rate Last week
30 year fixed Arrow 4.09% 4.16%
15 year fixed Arrow 3.25% 3.30%
5/1 ARM Arrow 3.28% 3.36%
PRODUCT +/- Rate Last week
30 year fixed refi Arrow 4.09% 4.17%
15 year fixed refi Arrow 3.25% 3.34%
10 year fixed refi Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Arrow 3.20% 3.20%
48 month used car loan Arrow 3.18% 3.19%
60 month new car loan Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Arrow 0.75% 0.71%
1 Year CD Arrow 1.24% 1.24%
2 Year CD Arrow 1.41% 1.41%
PRODUCT Rate
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%
Compare Mortgage Rates
Type of Loan:
Home Description:
Your Credit Profile: