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All you need to know about Bi-weekly Mortgage Payments

In a bi-weekly mortgage payment plan, one additional mortgage payment is made each year. In simpler terms, you will pay 13 loan installments in a year instead of 12. This extra payment is used to pay off the principal part of the loan and as the principal amount decreases quicker, so does the interest charged on it.<br>http://www.awmlending.com/calculators-biweekly.php

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All you need to know about Bi-weekly Mortgage Payments

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  1. All Western Mortgage biweekly mortgage calculator

  2. All you need to know about Bi-weekly Mortgage Payments • The manner in which you make your mortgage payments can save you a lot of money over the term of the loan. By making biweekly mortgage payments on your home loan, you can save tens of thousands of dollars along with shedding 7-8 years off of your loan term. The reduction in the loan term also leads to a saving of 23-30% of the total interest cost.

  3. In a bi-weekly mortgage payment plan, one additional mortgage payment is made each year. In simpler terms, you will pay 13 loan installments in a year instead of 12. This extra payment is used to pay off the principal part of the loan and as the principal amount decreases quicker, so does the interest charged on it.

  4. For instance: A mortgage of $100,000 for a term of 30 years at a rate of 6.5% means that the total interest amount on it would be $127,544. When you add the principal amount of $100,000 to it, the grand total comes out to be $227,544. This is the amount that you’ll pay to clear the loan if you make monthly mortgage payments. However, with bi-weekly payments, your interest amount gets reduced to $97,215. This means a total savings of $30,329.

  5. However, some lenders hold off the biweekly payments until they receive both the payments of the month. If this is the case with your lender, then it will not help your cause.

  6. In order to avail the full benefits of the biweekly payments, you must have a lender that credits the half of the payment as soon as he receives it from you.

  7. You can use All Western Mortgage’s biweekly mortgage calculatorto accurately figure out how much you will save by making biweekly payments on your mortgage loan.

  8. Our bi weekly mortgage calculator will provide you a clear picture of the benefits you will avail if you pay off your loan early. So, use it now and increase your pace of equity building. Visit http://www.awmlending.com/calculators-biweekly.php.

  9. All Western Mortgage Address:8345 W Sunset Rd Suite 380 Las Vegas, NV  89113 Phone: 702-850-2790 Corporate: 702-369-0905 Fax: 702-906-0153 E-mail: info@awmlending.com Website: http://www.awmlending.com/

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