Question:

What is biweekly mortgage amortization schedule?

Answer:

The biweekly mortgage amortization schedule is the year by year listing of loan amortization compared to regular amortization with monthly payments.

The following is an example of biweekly mortgage amortization schedule for a remaining loan balance of $215,000 at 6.725% for a remaining period of 23 years. According to the biweekly mortgage amortization schedule, you are reducing 3 years of the loan term and saving over $40,000 on interest.

Mortgage Comparison
Monthly Payment: $ 1,532.67   Biweekly Payment: $ 766.34
Total Interest: $ 208,018.04   Total Interest: $ 167,340.12

Principal Remaining
Year# Standard Mortgage Biweekly Mortgage
1 $ 210,943.13 $ 209,303.07
2 $ 206,604.87 $ 203,211.77
3 $ 201,965.7 $ 196,698.81
4 $ 197,004.74 $ 189,734.99
5 $ 191,699.68 $ 182,289.1
6 $ 186,026.66 $ 174,327.77
7 $ 179,960.14 $ 165,815.33
8 $ 173,472.83 $ 156,713.62
9 $ 166,535.55 $ 146,981.84
10 $ 159,117.09 $ 136,576.39
11 $ 151,184.06 $ 125,450.62
12 $ 142,700.79 $ 113,554.68
13 $ 133,629.1 $ 100,835.25
14 $ 123,928.18 $ 87,235.32
15 $ 113,554.38 $ 72,693.94
16 $ 102,461.03 $ 57,145.95
17 $ 90,598.23 $ 40,521.65
18 $ 77,912.6 $ 22,746.54
19 $ 64,347.06 $ 3,740.96
20 $ 49,840.6 $ 0
21 $ 34,327.93 $ 0
22 $ 17,739.28 $ 0
23 $ 0 $ 0
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