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Now let me show you how we calculate biweekly payments on the calculator.
We're going to look at a two hundred fifty thousand dollar loan amount
on a thirty year term at nine percent interest.
So you go ahead and press payment.
So now you're ready to figure out what your biweekly payment is. So if you have a
biweekly program or an option on your loan, you just hit [Shift]
[Term].
The second function of [Term] is biweekly.
So this would give you a 21.92 term
by going with a biweekly program.
Press it one more time and this would give you
biweekly savings versus a 30 year fixed term.
Press it one more time - this would be your total interest on the biweekly.
Press it again - this is our total principal that we started with.
Press [Term] one more time -
this our total principal and interest
and then we're back to the original part of our biweekly
round robin.
So if you forget, you can go ahead and press [Term] one more time
and just cycle through all the outputs on the biweekly program.
So that's a quick overview on how we calculate
biweekly payments and savings. For more details go to www.calculated.com/support.