Put Simply, It' S Just A Different MANNER To Make Your Home Loan Payments

A Biweekly Mortgage Payment Calculator will change the way you look at paying off your mortgage. To begin with, by the time you' ve paid your mortgage off you will have paid roughly 3 times the amount of the loan itself.

If you own a home and are currently paying on your mortgage, there are a few things that you should be aware of. In addition, assuming a 30 year term it will I' ve taken 23 years to pay a mere half of your loan! Now given that fact you must address the question- is there anything to be done about it? An appalling reality wouldn' t you agree? Some think that refinancing to resolve the matter. And in addition you must still consider closing costs and a stack of complicated papers to be filled out and signed. But although refinancing might mean a lower interest rate the fact remains that the interest you pay will still be far more than the amount you borrow.

However there's a far better alternative than refinancing. How much you save will depend on your remaining balance, and the current, term interest rate on your current home loan. A biweekly mortgage payment plan will decrease the interest you pay by not hundreds, or even thousands- but TENS of thousands- of dollars! But a biweekly mortgage payment calculator will promptly show how much you can save as well as a amortization table comparing your present payment method to a biweekly method of payment. Put simply, it's just a different MANNER to make your home loan payments. In case you' re wondering, a bi weekly payment plan doesn' t require a change in lenders or the amount of your monthly payment. Instead of making just one payment a month, you pay half the monthly amount every two weeks.

But let's not overlook the issue of convenience! A brief look at a biweekly mortgage payment calculator will show you the advantages of the biweekly method of payment, related to the amount of interest you pay and the time period it will take to pay off your loan in full. Instead of having to budget your finances and come up with one huge payment at the end of the month, you will pay every two weeks but make a smaller payment. If you' re wondering how much a biweekly payment plan can save YOU, you can find out in a jiffy. And because most people get a paycheck every 1- 2 weeks, you can make your biweekly payments on the same day YOU get paid, making it easier to budget your finances. Check out a Biweekly Mortgage Payment Calculator and get your answers right now!