Using PAYMENT_TYPE1 payments repay your mortgage in LOAN_TERM1.

Using PAYMENT_TYPE1 payments also reduces your total interest payments from INTEREST_PAID0 to INTEREST_PAID1. This is a total interest savings of INTEREST_SAVINGS.

	Accelerated Payments	Monthly Payments
Mortgage amount	LOAN_AMOUNT1	LOAN_AMOUNT0
Interest rate	INTEREST_RATE1	INTEREST_RATE0
Payment	LOAN_PAYMENT1	LOAN_PAYMENT0
Years to repay	LOAN_TERM1	LOAN_TERM0
Total interest	INTEREST_PAID1	INTEREST_PAID0
Interest savings	INTEREST_SAVINGS	&NBSP;

Mortgage payoff schedule

**REPEATING GROUP**

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This calculator shows you possible savings by using an accelerated bi-weekly mortgage payment. Bi-weekly payments accelerate your mortgage payoff by paying 1/2 of your normal monthly payment every two weeks. By the end of each year, you will have paid the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest. Click on the "View Report" button to see your savings!

Definitions

Accelerated weekly and bi-weekly payments

Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming there are only four weeks in a month. We calculate an accelerated bi-weekly payment, for example, by taking your normal monthly payment and dividing it by two. Since you would pay 26 bi-weekly payments, by the end of a year you would 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 of dollars in interest and take years off of your mortgage.

The accelerated weekly payment is calculated by dividing your monthly payment by four. You would 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 dollar amount for this mortgage.

Interest rate

The interest rate on this mortgage.

Mortgage term

The number of years over which you would repay this loan if you made your normal monthly payment. The most common terms for mortgages are 15 years and 30 years.