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How many payments do you currently have our home mortgage loan? Using this simple calculator we can tell you exactly how long you have before your balance will be paid off, how much interest you will end up paying, and the number of payments that you will make through the life of your home mortgage loan.
This calculator will figure your mortgage payoff and it will also figure the difference between monthly and bi-weekly payments. For those of you wanting to know the difference between the two it is very simple, the monthly payment option would require one payment a month, were a bi-weekly payment option would require a half payment every two weeks. When you get a loan and they ask you if you would like to sign up for the bi-weekly payment option, it is highly recommended that you do it, and here is the reason why. Let say you have a balance on your home mortgage loan of $100,000, and your monthly payment is $600, and your interest rate is 5.5%, here is the figures.
| Payment Frequency |
Time to pay off |
Total Interest you will pay |
Number of Payments |
Monthly
($600.00) |
26 years, 5 month(s) |
$89,394.11 |
317 |
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Bi-Weekly
($300.00) |
22 years, 3 month(s) |
$73,373.58 |
579 |
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