Financially Challenged? Use a Mortgage Payoff Calculator

Even financially challenged people can buy a home. With a helping hand and the optimal payment plan, you can payoff a mortgage years early. First time home shoppers are wise to research financial expert websites to understand mortgage terms before buying a home and use a mortgage payoff calculator to plan for an early payoff.

You spend your extra payment Allowing Half a Payment™ to help you save money by scheduling and paying your bills gets you out of debt faster. The bills you have get paid once a month. You try planning a budget with a biweekly pay schedule but meet challenges like these:

The lender only accepts monthly payments
You spend the extra payment
You sometimes forget payment dates

Consider Half a Payment™, where the bill money goes directly from your account to their account. They hold your money until the date you specify and then make your mortgage payment. You always know the exact amount held for your payments by viewing your internet account any time you wish. They also make credit card and student loan payments on a biweekly schedule, which reduces interest costs.

Fast answers using the mortgage payoff calculator

Yes, you can make extra payments on your mortgage and cut your interest charges dramatically by adding only $50.00 to each biweekly payment. The standard method of biweekly pay disbursements makes an ideal venue for making extra payments on your mortgage. Using a mortgage payoff calculator with extra payments included each month will show you how much sooner your mortgage gets paid off. Here you see an example:

Total loan amount: $250,000
Fixed interest rate: 4.7%
Monthly loan term: 360
Biweekly term with extra payment: 266.3

Paying $50.00 extra on a biweekly schedule shortens the loan term by 93.7 months. Look at the money you save on interest by paying $50.00 extra using the same payment schedule.

Total interest with a monthly term: $216,771.83
Total interest/biweekly with extra payment: $152,799.06
Total interest savings: $63,972.77

The above example uses the current average fixed interest rates in the United States. The mortgage payoff calculator with extra payment comparison features at Half a Payment™ allows you to calculate the variables specific to your mortgage terms and interest rate.

Early payoff making biweekly payments

Even without paying $50.00 extra biweekly your mortgage’s term and interest lessens. When paid biweekly you receive a third check two times a year, three times occasionally. Using the mortgage payoff calculator shows the pay off statistics:

Total interest with a monthly term: $216,771.83
Total interest with biweekly term: $178,710.11
Total interest saved: $38,061.72

Your mortgage term also shortens by 54.5 months. Go to Half a Payment™ (halfapayment.com) and try the mortgage payoff calculator and their other financial planning services and solutions.