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HP 12c Calculator - Bi-weekly Mortgage Payments and Amortization Schedule

Description
Some mortgage contracts permit you to pay off your mortgage early. One method is to make bi-weekly mortgage payments. Instead of paying once a month, pay one-half of the monthly payment every two weeks. This way you will make 26 or 27 payments each year (depending on the payment date), increase equity, and pay less interest.
Example of calculating a bi-weekly payment
Part 1: On a $75,000.00, 30-year mortgage at 13.5 percent interest, what is the amount of the bi-weekly payment?
Keys (RPN mode)
Display
Description
Press [g], then [END]
Sets END mode
Press [f], [FIN], then [CLX]
0.00
Clears the finance and X registers
Press 30, [g], then [12x]
360.00
Stores the term
Press 13.5, [g], then [i]
1.13
Stores the periodic interest rate
Press 75000, then [PV]
75,000.00
Stores the loan amount
Press [PMT]
-859.06
Calculates monthly payment amount
Press 2, [÷], then [PMT]
-429.53
Calculates and stores biweekly payment amount
Part 2: With this bi-weekly payment, estimate how long it will take to pay off the mortgage?
Keys (RPN mode)
Display
Description
Press 13.5, [ENTER], 26, [÷], then [i]
13.5 26 0.52
Calculates and stores bi-weekly interest rate
Press [n]
458.00
Calculates total number of payments
Press 26, [÷]
17.62
Calculates number of years
Part 3: What is the remaining balance after 26 payments have been paid?
Keys (RPN mode)
Display
Description
Press 26, [n], then [FV]
-73,886.65
Calculates balance after 26 payments
Part 4: If 27 payments are made the first year, how much interest is paid? What is the remaining balance?
Keys (RPN mode)
Display
Description
Press 0, then [n]
0.00
Clears n register
Press 27, [f], then [AMORT]
-10,438.07
Interest paid in first year
Press [RCL], then [PV]
73,840.76
Remaining balance
Bi-weekly amortization schedule program
The following program provides a bi-weekly amortization schedule, displaying the date of the payment, the amounts of interest and principal, and the remaining balance.
  1. Key in the program.
  2. Key in the annual interest rate and press [STO] 0.
  3. Key in the loan amount and press [STO] 1.
  4. Key in the original term in years and press [STO] 2.
  5. Key in the origination date (in month, day, year format) and press [STO] 3.
  6. Press [R/S] to display the amount of the bi-weekly payment.
  7. Press [R/S] to display the date of the first payment.
  8. Press [R/S] to display the interest portion of the payment.
  9. Press [R/S] to display the principal portion of the payment.
  10. Press [R/S] to display the remaining balance.
  11. Press [R/S] to display the date of the next payment.
  12. Continue pressing [R/S] to repeat Steps 8 - 11.
Example of generating an amortization table
Generate an amortization table for a $60,000.00, 30-year, 14 percent mortgage, paid bi-weekly, that originates on 12 Nov. 1984.
Keys (RPN mode)
Display
Description
Press 14, [STO], then 0
14.00
Stores interest rate
Press 60000, [STO], then 1
60,000.00
Stores loan amount
Press 30, [STO], then 2
30.00
Stores number of years
Press 11.121984, [STO], then 3
11.12
Stores origination date
Press [R/S]
-355.46
Calculates biweekly payment amount
Press [R/S]
11,26,1984 1 11.261984
Date of first payment briefly displayed; the 1 indicates a Monday
Press [R/S]
-323.08
Amount of interest
Press [R/S]
-32.28
Amount of principal
Press [R/S]
59,967.62
Remaining balance
Press [R/S]
12,10,1984 1 12.1011984
Date of next payment
Press [R/S]
-322.90
Amount of interest
Press [R/S]
-32.56
Amount of principal
Press [R/S]
59,935.06
Remaining balance
Press [R/S]
12,24,1984 1 12.241984
Date of next payment
Amortization program
Keys (RPN mode)
Display
Press [f], [P/R], [f], then [PRGM]
00-
Press [f], then [FIN]
01- 42 34
Press [RCL], then 0
02- 45 0
Press [g], then [12÷]
03- 43 12
Press [RCL], then 1
04- 45 1
Press [PV]
05- 3
Press [RCL], then 2
06- 45 2
Press [g], then [12x]
07- 43 11
Press [PMT]
08- 14
Press [f], then [RND]
09- 42 14
Press 2
10- 2
Press [÷]
11- 10
Press [PMT]
12- 14
Press [R/S]
13- 31
Press 0
14- 0
Press [n]
15- 11
Press [RCL], then 0
16- 45 0
Press 2
17- 2
Press 6
18- 6
Press [÷]
19- 10
Press [i]
20- 12
Press 1
21 1
Press [STO], then 4
22- 44 4
Press [RCL], then 3
23- 45 3
Press 1
24- 1
Press 4
25- 4
Press g, then [DATE]
26- 43 16
Press [STO], then 3
27- 44 3
Press [f], then 6
28- 42 6
Press [R/S]
29- 31
Press [f], then 2
30- 42 2
Press 1
31- 1
Press [f], then [AMORT]
32- 42 11
Press [R/S]
33- 31
Press the [x><y] key
34- 34
Press [R/S]
35- 31
Press 0
36- 0
Press [RCL], then [PV]
37- 45 13
Press [g], then the [x><y] key
38- 43 34
Press [g], [GTO], then [00]
39- 43,33 00
Press [R/S]
40- 31
Press 1
41- 1
Press [STO], [+] , then 4
42- 44,40 4
Press [g], [STO], then 23
43- 43,33 23
Press [f], then [P/R]

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