Bi-Monthly Mortgage Payment Calculator
This bi-monthly mortgage calculator with extra payments quickly and easily calculates bi-monthly payments. Select the interest rate, loan amount, and loan term using the sliders below, then click 'Next' to continue.
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Welcome! You’ve found the best bi-monthly mortgage calculator with extra payments online. Use our calculator to quickly and easily estimate bi-monthly mortgage payments and how much you can save on a bi-monthly mortgage payment plan.
Table of Contents
Why a Bi-Monthly Payment Plan?
A bi-monthly mortgage payment plan enables you to split your mortgage payment in half and pay it in two separate installments during the month. For example, half of the payment might be due on the 1st and the other half might be due on the 15th.
In our opinion, the main benefit of a bi-monthly mortgage payment plan is convenience. For some homeowners, a bi-monthly payment plan works well with their paycheck schedule. For example, if you get paid on the 1st and the 15th, you can structure your mortgage payments to come out of your account right when you get paid.
A bi-monthly payment plan doesn’t tend to save you a lot of money over the life of the loan unless you make extra principal payments. Refer to the instructions below to see how you can calculate extra principal payments along with a bi-monthly payment plan using our calculator.
You can also save by making biweekly mortgage payments. Click here to check out our free biweekly mortgage calculator.
How to Use Our Bi-Monthly Mortgage Calculator
Our bi monthly mortgage calculator with extra payments is super easy to use, but feel free to refer to the instructions below if you need help.
Step 1: Loan Amount, Interest Rate, and Loan Term
Use the sliders to select the following values on page 1 of the bi monthly mortgage calculator:
- Annual Interest Rate – Select the annual interest rate to use for the calculation.
- Loan Amount – Select the loan amount.
- Loan Term – Select the loan term in years.
Once you’ve selected the items above, click the Next button.
Step 2 – Extra Principal Payments
Use the slider to select the following value on page 2:
- Extra Principal Payments – If you would like to include extra principal payments in the calculation, select the amount on the slider. Note that the amount you select will be added to each payment.
Once you’ve selected the above information, click the Calculate button.
Step 3 – Calculation Results
Once the page loads, you’ll see the calculation results. The top section of the bi monthly mortgage calculator shows the loan parameters you entered on the previous pages.
The middle section shows the payment breakdown, including any extra payments you selected on the previous page.
The final section shows the interest savings and number of years and months to pay off the loan using a bi-monthly plan.
If you would like to check out an amortization schedule, click the Next button.
Step 4 – Amortization Schedule
Page 4 of our bi monthly mortgage calculator shows how the bi-monthly plan amortizes over time, including principal and interest payments, extra payments, and how your loan balance reduces over time.
Frequently Asked Questions
Does paying bi monthly on a mortgage help?
Yes, a bi monthly payment plan can help you save interest and pay off your loan faster, but the main benefit is convenience. Some homeowners may find it convenient to pay two half mortgage payments during the month instead of a single large payment at the beginning of the month. We recommend paying extra principal payments along with a bi monthly plan to help pay off your loan faster. You can calculate your potential savings using the bi monthly mortgage calculator with extra payments on this webpage.
How much money will I save if I pay my mortgage twice a month?
A bi monthly payment plan can help you save interest and pay off your loan faster, but the main benefit is convenience. A bi monthly payment plan splits your payment in two and you’ll typically pay one half of the payment on the 1st of the month and the other half on the 15th. A bi monthly plan doesn’t tend to save much interest over the life of the loan. If you want to save interest and pay off your loan faster, you may want to consider a biweekly payment plan, which can chop 5 to 8 years off of a 30-year loan.
