Once you’ve learned a little bit about the benefits of a biweekly payment plan for your mortgage, auto loan, student loans, credit cards, and other debt, you may be eager to learn just how much you can save. This is super easy with our biweekly loan calculators. But now, in addition to learning about your savings, you can let your friends, family, and other connections know about it too. That way, they can benefit from biweekly payments as well!
About Biweekly Loan Calculators
Our biweekly loan calculators show you exactly how much you’ll save, based on your balance owed, interest rate, and regular monthly payment amount. Plus, if you want to save even more, you can choose to add an extra amount to each payment, which goes directly toward reducing your principal balance. You may be surprised to learn how many months or years you can shave off your debt repayment, and how many hundreds or thousands of dollars you will save.
Sharing Your Biweekly Payment Results on Social Media Sites
After you get your results, share the good news with your connections on Twitter, Facebook, Google+, and LinkedIn. Our easy social sharing buttons let you, in just one click, connect up with your social media profile to share your results. You can also, if you would like, type a personalized comment with the results. You may want to let your friends and family know that they should check it out as well so they can save money on their debt repayment too, or you may want to issue a challenge to see if anyone else can save more than you.
Try Out Our Social Sharing Feature Today!
This new feature is just one more way to spread the word about this easy way to save money. You probably know hundreds of people who could benefit, so you’re doing them a favor by letting them know about Half a Payment. You don’t have to share your results after using our biweekly payment
schedule calculators, but it’s a feature we wanted to make available to you!
1. Boost Your Credit Score:
A higher score leads to lower interest rates, so pay attention to paying bills on time, especially in the months leading up to your mortgage application. Your lower mortgage interest rate will save you a lot over the life of your mortgage, both in a lower monthly payment and less total interest.
2. Shop for Better Interest Rates:
Not all lenders offer the same interest rates, so get quotes from several different lenders. Many offer the exact same service and fees on your mortgage, but with different ongoing interest rates. Pay attention though, because sometimes the lower rates will come with higher fees.
3. Make a Bigger Down Payment:
If you have money saved up, making a larger down payment reduces the amount of your monthly payment because you don’t have to borrow as much. Try calculating mortgage payments with each potential down payment to see your savings. Plus, a down payment of at least 20% keeps you from having to pay mortgage insurance.
4. Get on a Biweekly Mortgage Payment Schedule:
After you have a mortgage, the main option that’s left for you is to switch to a biweekly mortgage. Use our biweekly mortgage calculator to figure out what your biweekly payments would be and how much money you would save over the life of your loan. Plus, a biweekly mortgage payment is often easier to budget for to help you avoid late fees.
A combination of all these approaches will help you save the most money on your mortgage. If you’ve already gotten a mortgage and can’t use the first three options, make sure to sign up for a biweekly payment plan to start saving now. The extra payment will quickly add up and help you pay off your mortgage much sooner and with less interest to pay!