Florida Bi Weekly Mortgage Payment Calculator

When you get a Florida mortgage, you should really consider the option of paying your mortgage under a Bi-Weekly payment schedule. This payment process for homeowners can dramatically reduce the effective interest rate you pay over the life of the loan by as much as 1% or more. For example, if you have a 30 year fixed rate home loan at 6% and you took out the loan with a Florida mortgage company, paying bi-weekly on your mortgage over the life of the loan will reduce your effective rate of interest from 6% to approximately 5%. In addition to reducing the effective rate of interest you pay, you will also reduce the number of years it takes to pay your mortgage off from 30 years to approximately 23 years. This works just as well with a super jumbo mortgage program, an adjustable rate mortgage loan, a second mortgage and if paying principal, it will effectively work with a home equity line of credit.

Please note, If you have an interest only loan, you will have to pay principal in order to have any effective reduction of your interest rate, principal and your repayment terms.