Calculating A Mortgage With Bi-Weekly Payments - Texas Instruments BA Real Estate User Manual

Calculating a Mortgage with Bi-Weekly Payments

Solution
42 Mortgages and Amortization
You are borrowing $115,000 at 8% for 30 years. What will
be the effects and savings if you pay off the loan with
bi-weekly payments, instead of monthly payments?
Press
Steps
Clear TVM values.
Set P/Y and C/Y to 12.
Enter the loan values.
Show bi-weekly
payment amount,
number of payments,
years to pay off the
loan, and interest
saved.
Exit.
until the BGN indicator disappears.
Keystrokes
12
30
8
115
Display
0.00
P/Y = 12.00
C/Y = 12.00
12.00
TRM= 30.00
I% = 8.00
LN = 115,000.00
-421.91
PMT=
N = 590.84
YRS= 22.66
SAV= 54,498.00
54,498.00