Need a Mortgage pre-payment and bi-weekly payment function!?
I just bought my first home and I want to pay it off by the time I turn 30 years old. I'm 20 and I make 30K a year. My husband does as well. I want to pay an extra $50 monthly and $5500 yearly towards the mortgage. And I want to do this while making bi-weekly payments for principal/interest/prepayment total. The calculators I have used so far only do 2 out of 3 of the functions I want. And I cut the loan down to about 13 years that way. I know that a calculator doing all three will really knock that time down. I want a calculator that will do all three because I'm ready to pay this off and start on my next property. Can I do this myself? Please help! Additional Details 0 seconds ago So anyone who answers knows...I closed on my mortgage with 6.625% for 30 years fixed. I don't need a recommendation... I would like a solution to my problem. Thanks! Hey guys..the bi-weekly calculators are awesome. But I need a different kind of calculator. 1. Bi-Weekly 2. monthly prepay and 3. yearly prepay included. I have already used the bi-weekly calculator from Banksite and included monthly pre-payment. But I want a yearly pre-pay function in addition to these two. Can I do these functions on my own, without a calculator?
The standard calculator in the industry is the H-P 12C. It will do all of what you need. But almost any financial calculator should be able to handle all of these problems; they're routine.
Try this biweekly calculator.
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