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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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