Biweekly Mortgage Loan Payment Calculator - How Much Will You Save?
A Biweekly Mortgage Loan Payment Calculator will forever change the way you think about your mortgage loan.
If you're a typical homeowner currently paying off his home loan, there are some shocking truths you need to be aware of.
In the first place, when you have finally paid the full balance on your mortgage the total amount you'll have paid is about three times the amount you borrowed.
And in addition, if you have a 30 year loan it will take a full 23 years before you pay off even half of your loan!
A sobering thought to say the least!
But given that realization the question is - is there anything you can do about it? Some think that refinancing as the remedy. But even refinancing at a lower interest rate the fact remains that you will still pay far more in interest than you borrow. And in addition you'll still have to pay high closing costs and the inescapable paperwork to deal with.
However there's a better solution. A biweekly mortgage payment plan will cut your interest paid in terms of not only hundreds or thousands - but TENS of thousands - of dollars!
The EXACT amount will depend on your current rate, balance, and years remaining on your loan. But a biweekly mortgage loan payment calculator will quickly give you the information as well as an amortization chart showing a comparison of your current payment schedule to a biweekly payment schedule.
In case you're not aware, a bi weekly payment plan doesn't necessitate changing lenders nor does it change how much you pay per month. Simply put, it's just a different WAY to pay your mortgage loan. Rather than paying once a month, you make 1/2 payment every two weeks.
A quick calculation with a biweekly mortgage loan payment calculator will show you the enormous advantage of this plan, in terms of the amount of interest paid and how much time it will take to pay off the balance of your loan.
Another import issue is convenience! Instead of having to budget your finances to come up with one large payment each and every month, you will pay every two weeks but make only 1/2 a payment.
And because most people get a paycheck every 1 - 2 weeks, payments can be made to occur on payday, making it easier to plan your budget. If you're wondering just how much YOU can save by going to a biweekly payment plan, you can learn in just a few seconds.
Go check out a Biweekly Mortgage Loan Payment Calculator and find out in a jiffy!
About the Author
Jim Eastman is writer on financial related topics. To find out how YOU can save Tens of Thousands of dollars in mortgage interest - withoug refinancing or changing lenders - visit http://www.biweekly-mortgage-payment-calculator.com
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