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HP 10b Calculator - Calculating Biweekly Mortgage Payments and Amortization Schedule

Description
One way to pay off a mortgage faster is to make biweekly mortgage payments. Instead of paying once a month, make one-half of the monthly payment every two weeks. Make 26 or 27 payments each year (depending on the payment date), increase the equity, and pay less interest.
Calculator symbol key
The procedures in this document use the following text to represent symbol keys:
Key
Description
Text Representation
colored key; shift key
SHIFT
Divide
divide
Example of calculating biweekly mortgage payments and amortization schedule
Part 1. On a $75,000, 30-year mortgage at 13.50 percent interest, what is the amount of the biweekly payment?
Set to END mode. Press SHIFT+BEG/END if BEGIN annunciator is displayed.
Keys
Display
Description
Press 12, SHIFT, then P/YR
12.00
Sets 12 payments per year
Press 75000, then PV
75,000.00
Stores loan amount
Press 30, SHIFT, then xP/YR
360.00
Stores number of months
Press 0, then FV
0.00
Stores 0 as future value
Press 13.5, then I/YR
13.50
Stores monthly interest
Press PMT
-859.06
Calculates monthly payment
Press divide, then 2=
-429.53
Computes biweekly amount
Press PMT
-429.53
Stores payment
Part 2. With this biweekly payment, how long will it take to pay off the mortgage?
Keys
Display
Description
Press 26, SHIFT, then P/YR
26.00
Sets 26 payments per year
Press N
457.85
Calculates total number of payments
Press divide, 26, then [=]
17.61
Calculates number of years
Part 3.What is the remaining balance after 26 payments have been made?
Keys
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? How much principal has been paid? What is the remaining balance?
Keys
Display
Description
Press 1, then INPUT
1.00
Starting payment
Press 27, SHIFT, then AMORT
PEr 1-27
Indicates starting and ending periods
Press [=]
-10,438.07
Interest paid in first year
Press [=]
-1,159.24
Principal paid in first year
Press [=]
73,840.76
Calculates balance after 27 payments

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