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“Treasure People and Exploit Tools”
With a fortnightly (not biweekly, a common American misstatement, since biweekly ambiguously means both twice a week and every two weeks) mortgage, you pay 1/2 your monthly mortgage amount every two weeks. Since you are accelerating the repayment schedule by making two principal reductions ("payments" in layman's terms) per month instead of one, the interest is calculated on a shorter time, so you pay less total interest.
Mouse or tab from box to box to complete the form. Please enter all amounts without commas or dollar signs. While two digit accuracy is shown, your calculated savings are rounded to the nearest five dollars.
This calculator is provided to give you general guidelines and cannot predict factors unique to your finances.
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