![]() So, you have to pay one month extra in one year and that provides all the above benefits (interest and time savings). But with this bi-weekly payment, you have to make 26 payments with every payment of $749.44. With the monthly payments, you had to make 12 monthly payments and the amount would be $17,986.56. These extra benefits come with your sacrifice. And you will pay off your loan 5 years 6 months and 30 days earlier. If you make this payment after every 14 days, you will pay only $226,748.14. If you divide your monthly scheduled payment ($1498.88) into two equal parts, your bi-weekly scheduled payment will be $749.44. After 30 years of your regular payment, you will pay a total of $289,596.80 as interest. If you pay monthly, your monthly scheduled payment will be $1498.88. Suppose, you took a loan of the amount of $250,000 for 30 years with a 6% annual percentage rate. The main advantage of making bi-weekly payments is saving a good chunk of money and pay off your mortgage loan faster. The accelerated bi-weekly payment is $599.55. =(PMT((1+apr/VLOOKUP(interest_compounded,periodic_table,3,0))^(VLOOKUP(interest_compounded,periodic_table,3,0)/VLOOKUP("Monthly",periodic_table,3,0))-1,term*12,-loan,0,payment_type))/2Įxcel will automatically calculate the output. The next step is the calculation of the bi-weekly payments. Step 2: Calculate Biweekly Payment with Extra Payments ![]() When you will pay some extra money rather than your regular and Extra Payment, you will input that payment in this column.
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