This
calculator will show you how much you will save if you calculate interest for two - week intervals and apply the
biweekly payments less the interest to reduce principal every two weeks (in other words, if you set up a true
biweekly (sometimes called simple interest
biweekly)
payment schedule), instead of having your money withdrawn from your bank account every two weeks by your lender and making a full mortgage
payment once a month plus one additional
payment once a year out of a special account, managed by the lender (pseudo
biweekly or standard
biweekly payments).