Biweekly Mortgage Calculator in Excel with Extra Payments [Free Download]

A mortgage calculator is an important tool for borrowers to repay their remaining loan. The borrower can visualize his interest paid, principal paid, and the remaining balance after each payment from this calculator. A mortgage calculator can be of several types based on payment frequencies, such as Weekly, Bi-weekly, Monthly, Quarterly, or yearly type.

When the payment frequency is Bi-weekly, that is, the borrower pays his due payment every two weeks, this mortgage calculator is called Biweekly Mortgage Calculator. Besides, the borrower can make some extra payments sometimes for an early settlement and the borrower can follow an Accelerated Bi-weekly payment approach to repay the loan a little bit quicker.

Download our free Excel template where you will get a Bi-weekly Mortgage Calculator with extra payments and an Accelerated Bi-weekly Mortgage calculator.

This template will be of essential use for Financial planners, Investors, Bankers, Business Owners, and all kinds of Lenders and Borrowers who are looking forward to taking or giving a loan.

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Download Excel Template
EXCEL (.XLSX)

For: Excel 2007 or later
License: Private Use

What Is Bi-Weekly Mortgage Calculator with Extra Payments?

Biweekly Mortgage Calculator is an Amortization Schedule where the payment is done bi-weekly. That is, the borrower will have to pay his due payment every two weeks. So, the lender will pay 26 times in a year when repaying his loan.

Now, if someone takes a loan for 30 years in bi-weekly payment frequency, he has to pay his due payment for (26*30)=780 times to repay the loan where both principal and accrued interest will be deducted accordingly every time.

Now, the borrower somehow may earn more than before when repaying his loan. Then he might try for an early settlement of his loan, that is he might finish the loan within 25 years by making some extra payments. In this regard, he might make extra regular payments or irregular payments.

For regular payments, he will pay a certain amount after a certain period along with his primarily fixed due payment. In irregular payments, he might pay any amount from his remaining balance at any period. Both of these extra payments will help him to pay off his loan earlier than the initial deadline which will save him some extra interest.

What Is Accelerated Bi-weekly Payment?

Accelerated Biweekly payment is a lot like bi-weekly payment as it is also done every two weeks. But in this case, it is assumed that every month consists of four weeks. So, to calculate accelerated biweekly payment, monthly payment is calculated with monthly interest rate and all necessary calculations based on monthly payment frequency. Then, the monthly due payment is divided by two to get the accelerated bi-weekly payment. So, this payment is a bit more than the equivalent bi-weekly payment.

Template 1: Biweekly Mortgage Calculator with Extra payments

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In this template, you will be able to input all your necessary loan parameters and get an automated bi-weekly mortgage calculator with extra payments. You will get a summary table, amortization table, and a summary chart to find all the required output values and to visualize the total loan repayment procedure. It will also calculate your time savings and interest savings by following bi-weekly payment with extra payments rather than using basic bi-weekly payment.

How to Use This Template

Follow the instructions below to work with this template.

Instructions:

• Open your desired template and insert all necessary inputs in the blue shaded area according to the Loan Details column.

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• This template is a bi-weekly mortgage calculator. So, the Regular Payment Frequency is fixed as bi-weekly. And, to match the same payment dates, the Extra Payment Frequency is also assumed as bi-weekly here.
• After inserting initial inputs you will get your equivalent bi-weekly payment and the following amortization table.
•  if you have some irregular extra payments to make, insert them manually in the Extra Payment (Irregular) column of the Amortization table.

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• After completing all input procedures, you will find a summary table showing all the necessary outputs along with the time saved and estimated interest savings by making extra payments. You will also get the full amortization table to follow every transaction and a summary chart to quickly visualize the mortgage calculator.

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Read More: Mortgage Calculator with Extra Payments and Lump Sum in Excel

Template 2: Accelerated Biweekly Payment Mortgage Calculator with Extra Payments

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This template will calculate your accelerated bi-weekly payment for your loan and will generate an automated accelerated bi-weekly mortgage calculator with extra payments depending on your loan parameters. You will find a summary table, amortization schedule, and a summary chart to visualize your loan payment if you follow accelerated bi-weekly payment frequency while making some extra payments. It will also calculate your time savings and interest savings by following this approach rather than following the basic bi-weekly payment approach.

How to Use This Template

To use this template efficiently, go through the instructions below.

Instructions:

• Open the template and enter the input values in the blue shaded area according to the loan parameters.

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• After inserting the inputs in the blue shaded area, you will find your accelerated bi-weekly payment automatically and a summary table along with an amortization table and a summary chart.
• As this is a bi-weekly mortgage calculator, the Regular Payment Frequency is fixed as a bi-weekly payment. And, to match the payment dates, Extra Payment Frequency is also assumed as a bi-weekly payment frequency here.
• If you have any extra irregular payments made or to make, insert them manually in the Extra Payment (Irregular) column of the amortization table.

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• You will get your finalized summary table containing all necessary outputs along with time saved and estimated interest savings for following this special approach.
• You will also get an amortization table to follow your loan repayment procedure and a summary chart to visualize the whole loan repayment picture in short.

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Read More: Mortgage Repayment Calculator with Offset Account and Extra Payments in Excel

Bi-Weekly Mortgage Calculator with Extra Payments Tips

• Insert all your necessary inputs carefully and choose the available dropdowns properly.
• Insert your Remaining Years value carefully as according to this value, your Extra Payment (Recurring) will be adjusted. The extra payment will start from the period where this remaining year’s value starts in the amortization table.
• For better visualization, a thick bottom border is applied after each year has passed. And, the dates that are gone, that is, the payments that are done already are marked with green font color. These formattings are also done automatically with conditional formatting.
• Choose Payment Type as Beginning of the Period if you make your payment at the beginning of the period. And, choose End of the Period if you make your payment at the end of the period.
• When calculating Accelerated Bi-weekly payments, the payment is calculated through a monthly interest rate. But, in the amortization table, when calculating the interest paid, the interest rate is taken as the normal bi-weekly interest rate.

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