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Bi-iekly Payment Calculator
Bi-iekly Mortgage CalculatorThis calculator shows you possible savings by using an accelerated bi-iekly mortgage payment. Bi-iekly payments accelerate your mortgage payoff by paying 1/2 of your normal monthly payment every two ieks. 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 iekly and bi-iekly payments
- Accelerated iekly and accelerated bi-iekly payment options are calculated by taking a monthly payment schedule and assuming there are only four ieks in a month. We calculate an accelerated bi-iekly payment, for example, by taking your normal monthly payment and dividing it by two. Since you would pay 26 bi-iekly 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 iekly payment is calculated by dividing your monthly payment by four. You would then make 52 iekly payments. Just like the accelerated bi-iekly 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.
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