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					$2,000.00

Principal vs. Interest: Monthly Payment
Year 1 2 Principal $1,290.71 $1,274.52 Interest $243.67 $259.86

Amount of mortgage $ Down payment $ Annual interest rate Term of mortgage (years) Monthly payment Total principal paid $ Total interest paid $ Grand total paid $ Biweekly payment Number of payments New term of mortgage (years) New term of mortgage (months) Total principal paid Total interest paid Grand total paid $

253,000 2,500 6.25% 30 $1,534.38 253,000 299,377 552,377 767.19 634.02 24.32 291.82 253,000.00 233,416.79 486,416.79

Payment

$1,500.00 $1,000.00 $500.00 $0.00
23 13 17 21 25 27 11 15 19 29 1 3 5 7 9

3 $1,257.29 $277.09

Year

Principal vs. Interest: Bi-weekly Payment
$1,000.00 $800.00 Payment $600.00 $400.00 $200.00 $19 17 11 13 15 21 23 1 3 5 7 9

$ $

1 588.74 178.45

2 $ 577.31 $ 189.88

$ $

3 565.14 202.05

$ $ $

Principal Interest

Savings with biweekly payment $ Time savings in years with biweekly payment

65,960.02

5.68

Year


				
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posted:11/7/2009
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