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Bi Monthly Mortgage Calculator

Free bi monthly mortgage calculator to calculate bi-monthly mortgage payments. See how bi-monthly payments can save you money and pay off your mortgage faster.

Loan Details
Enter your mortgage information to get accurate calculations

$300,000

20.0% of home price ($60,000)

Additional Costs
Monthly expenses beyond mortgage

$3,000

$1,200

Required if down payment < 20% ($0)

$0

Extra Payments
Pay off your mortgage faster

Monthly Payment

$1,517

Principal & Interest

Total Monthly

$1,867

Including all costs

Total Interest

$306,107

Over life of loan

Total Cost

$546,107

Principal + Interest

Payment Breakdown

Total Cost

$546,107
Over 30 years

Principal

$240,000
43.9% of total

Interest

$306,107
56.1% of total

Payment Breakdown

Principal43.9%
$240,000
Interest56.1%
$306,107
Interest vs Principal Ratio
You'll pay 56% in interest
That's $66,107 more than the original loan amount
Amortization Schedule
See how your loan balance decreases over time
YearPaymentPrincipalInterestBalance
1$1,517$217$1,300$239,783
1$1,517$230$1,287$237,317
2$1,517$246$1,271$234,455
3$1,517$262$1,255$231,401
4$1,517$280$1,237$228,143
5$1,517$298$1,219$224,666
6$1,517$318$1,199$220,957
7$1,517$340$1,177$216,999
8$1,517$362$1,155$212,776
9$1,517$387$1,130$208,270
10$1,517$413$1,104$203,463
11$1,517$440$1,077$198,333
12$1,517$470$1,047$192,860
13$1,517$501$1,016$187,021
14$1,517$535$982$180,790
15$1,517$571$946$174,142
16$1,517$609$908$167,049
17$1,517$650$867$159,481
18$1,517$693$824$151,405
19$1,517$740$777$142,790
20$1,517$789$728$133,597
21$1,517$842$675$123,788
22$1,517$898$619$113,323
23$1,517$958$559$102,156
24$1,517$1,023$494$90,242
25$1,517$1,091$426$77,530
26$1,517$1,164$353$63,967
27$1,517$1,242$275$49,495
28$1,517$1,325$192$34,054
29$1,517$1,414$103$17,579
30$1,517$1,509$8$0

Bi Monthly Mortgage Calculator Benefits

Bi monthly mortgage payments can help you save thousands in interest and pay off your mortgage years earlier. Our bi monthly mortgage calculator shows you exactly how much you can save by switching to bi-monthly payments.

How Bi Monthly Payments Work

24 Payments Per Year:Bi monthly payments mean 24 payments per year instead of 12 monthly payments.
Interest Savings:Each bi monthly payment reduces your principal balance faster, saving you thousands in interest.
Faster Payoff:Bi monthly payments can reduce your loan term by several years, helping you build equity faster.
Budget Friendly:Bi monthly payments are often easier to budget for than monthly payments.
Automatic Payments:Set up automatic bi monthly payments to ensure you never miss a payment.
Detailed Analysis:See exactly how much you'll save in interest and how much faster you'll pay off your loan.

Bi Monthly vs Monthly Payments

Bi monthly mortgage payments can save you significant money over the life of your loan. By making 24 payments per year instead of 12, you're essentially making one extra payment per year, which goes directly toward your principal balance. This reduces the amount of interest you pay and shortens your loan term. Our bi monthly mortgage calculator shows you the exact savings and helps you determine if this payment strategy is right for your financial situation.