Calculating bi weekly payments

Many people know, programs in which your bank offers biweekly payments instead of monthly payments for mortgages or other loans. This option usually sounds appealing because it saves money to the borrower and makes you pay the loan faster. Understand how to calculate payments and how it works is simple.
Instructions

Calculating bi weekly payments Calculating profits

One
Use a biweekly online calculator (see Resources) or do it yourself. The amount of biweekly payments is exactly half your current monthly payment or your monthly payment would be if you're still the loan.

2
Pay each week. You can do this by yourself or set up a program with your bank. The reason why this makes a difference is because there are 52 weeks in a year and only 12 months. Although biweekly payments are divided into two, you're paying half the amount 26 times instead of 12 times the full payment. These amounts plus a monthly amount each year.
3
Calculate your savings. Since you're paying more each year, you will pay off your loan faster. If you were not involved an interest only end up paying your mortgage or loan faster subtracting one month every two biweekly payments extra per year. Compound interest, however, be added to the amount of savings that will be paying a premium and faster, so there will be less interest. Do the math by hand is difficult, so use an online calculator (See Resources) to see how much you can save.