Mortgage calculators
  • Avis Mortgage, Inc
    256 Papalaua
    Lahaina, HI 96761

    Tel: 800-711-AVIS (2847)
    Fax: 800-397-2345
    Email: dean@deanrathbun.com
  • Standard vs. Bi-Weekly

    Input Information
    Loan Information
    Amount : ($)
    Interest Rate : (%)
    Length : (Years)
    Interest compounded :
    Your Tax Rate
    Tax Rate : (%)
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    Financial Analysis (Switch to Plain English)
      Standard Bi-Weekly
    Length : 30 Yrs 0 Mts 25 Yrs 3 Mts
    Time Saved : 4 Yrs 9 Mts
    Bi-Weekly Payment : - $671.03
    Monthly Payment : $1,342.05 $1,453.89
    Total Interests Paid : $233,139.46 $189,734.44
    Interest Savings : $43,405.02
    Tax Savings : $60,616.26 $49,330.95
    Tax Saving Losses : $11,285.31
    Total Benefit
    (Int. Savings - Tax Saving Losses) :
    $32,119.72
    Plain English Help (Switch to Financial Analysis)

    When you set up your mortgage payment repayment plan, you can choose between a standard repayment plan or a bi-weekly repayment plan. With the standard plan, it would take you 30 years to repay the loan while a biweekly plan will take 25 years and 3 months. This will save you 4 years and 9 months. But, the savings doesn’t end there.

    If you took out a $250,000.00 loan with an interest rate of 5.000% and your federal tax rate is 26.000%, you can expect to pay $1,342.05 per month, while a bi-weekly payment plan will call for a payment of $671.03 every other week. As a result, you will pay only $189,734.44 in interest with the bi-weekly schedule rather than $233,139.46 with the standard payment plan. While this will result in a loss of $11,285.31 in tax benefits, you will still save a total of $32,119.72 with the bi-weekly plan.

    DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.