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Weekly Payment Formula:
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The weekly mortgage payment is a payment schedule where you make payments every week instead of monthly. This can help pay off your mortgage faster and reduce total interest paid.
The calculator uses the weekly payment formula:
Where:
Explanation: The formula calculates the fixed payment amount required each week to pay off the loan over the specified term, accounting for compound interest.
Details: Weekly payments can save thousands in interest over the life of the loan and shorten the repayment period because you're making the equivalent of 13 monthly payments each year (52 weekly payments = 13 monthly payments of 4 weeks each).
Tips: Enter the loan amount in USD, annual interest rate as a percentage (e.g., 3.5 for 3.5%), and loan term in years. All values must be positive numbers.
Q1: How does weekly compare to monthly payments?
A: Weekly payments are about 1/4 of a monthly payment, but you make 52 payments per year instead of 12, resulting in faster principal reduction.
Q2: Can I switch from monthly to weekly payments?
A: Many lenders offer this option, but check with your specific lender about their policies and any fees for changing payment frequency.
Q3: Are there any downsides to weekly payments?
A: The main consideration is ensuring you have consistent cash flow to make weekly payments. Some people find budgeting easier with monthly payments.
Q4: How much interest can I save with weekly payments?
A: Savings vary but typically range from 5-15% of total interest over the life of the loan, depending on the interest rate and term.
Q5: Do all lenders offer weekly payment options?
A: Most do, but not all. It's important to ask about payment frequency options when shopping for a mortgage.