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sometimes called simple interest biweekly) payment schedule), instead of having your money withdrawn from your bank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).