About this calculator
How accurate is this calculator? +
This calculator uses standard amortization formulas and is accurate for fixed-rate mortgages. It doesn't account for property taxes, insurance, or PMI. For variable-rate mortgages, the calculation reflects the initial rate only.
What's the difference between bi-weekly and monthly payments? +
Bi-weekly payments mean you make 26 half-payments per year — equivalent to 13 full monthly payments instead of 12. This extra payment significantly reduces your total interest paid and shortens your loan term.
What is amortization? +
Amortization is the process of paying off a loan through regular payments. Early in the loan, most of each payment goes toward interest. Over time, more goes toward the principal. The amortization schedule shows exactly how each payment is split.