Current mortgage's beginning loan amount:
Current interest rate (%):
Original loan term (months):
Enter your Monthly repayment here:
Number of payments already made:
Date next payment due:
Extra amount you could comfortably add to the payment each month:
OR Enter the monthly savings from EZ Rewards here:
Calculate

Current mortgage payment:
Interest you've already paid:
Current approximate balance of your mortgage:
Results Current Current Plus Extra Bi-weekly Bi-weekly Plus Extra
Mortgage payment:
Years to pay off:
Interest savings:
Payments eliminated:
Total savings:
Equity after 5 years:
Equity after 10 years:
Balance years later:
Avg. monthly savings:
Avg. annual savings:
Equivalent interest rate:
Savings years later:
Payment Schedules:**

How Bi-Weekly Mortgage Payments Work

Making bi-weekly mortgage payments is a strategy that can help you save a lot of money in interest and pay off your mortgage early. Instead of making one payment every month, you’ll be making a payment every other week. With a bi-weekly payment you’ll be making 26 payments instead of 12 – albeit smaller payments. The net effect is similar to one extra monthly payment (13) per year. The end result of paying every two weeks is you’ll be paying more every year, regardless of whether or not you make extra principal payments in addition to your biweekly payment. This requires little sacrifice, but reaps huge savings as you can see when you input your mortgage payment information into the Bi-Weekly Mortgage Calculator.

How additional monthly Payments Work

If you pay extra money into your loan over and above the minimum repayments, your loan will be paid off a lot quicker! Our calculator shows you how much of a big difference this makes. Try putting in different amounts in the ‘Extra amount” field in the calculator to see how much you can save and how your loan is paid off quicker!

Disclaimer: This calculator is has been developed to give you general guidance and should not be relied solely upon to make any financial decisions. You will need to speak with one of our credit advisors for accurate information about your personal financial position. Please also refer to our website at https://www.ezfinance.com.au/terms for terms of use of our website.