1. What is a Bi-Weekly Mortgage Calculator with Extra Payments?

Definition: This calculator determines your bi-weekly mortgage payment including any extra payments you choose to make.

Purpose: It helps homeowners accelerate mortgage payoff by making half-monthly payments plus additional amounts every two weeks (26 payments/year).

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

• \( M_{bi} \) — Bi-weekly payment (USD)
• \( M \) — Standard monthly payment (USD)
• \( E_{bi} \) — Extra payment amount (USD)

Explanation: The monthly payment is divided in half, then any additional payment amount is added to create the accelerated bi-weekly payment.

3. Benefits of Bi-Weekly Payments with Extra Payments

Details: This payment strategy results in 26 half-payments per year (equivalent to 13 monthly payments), which can significantly reduce your loan term and total interest paid.

4. Using the Calculator

Tips: Enter your standard monthly payment and any additional amount you want to pay every two weeks. The calculator will show your total bi-weekly payment amount.

5. Frequently Asked Questions (FAQ)

Q1: How much faster will this pay off my mortgage?
A: Depending on your loan terms, bi-weekly payments with extra amounts can reduce a 30-year mortgage by 5-8 years or more.

Q2: Is there a minimum extra payment amount?
A: No, you can enter $0 if you just want to calculate standard bi-weekly payments without extras.

Q3: Why 26 payments per year?
A: There are 52 weeks in a year, so bi-weekly payments result in 26 payments (52 ÷ 2).

Q4: How does this compare to monthly extra payments?
A: Bi-weekly extra payments are applied more frequently, reducing principal faster and saving more interest.

Q5: Should I check with my lender first?
A: Yes, some lenders may charge fees for bi-weekly payments or have specific requirements for extra payments.