forthnightly mortgage repayments

[lab-rat]

Hi All,
From previous threads I have found out that AIB allow fornightly repayments, and their website states that they calulate interest on a daily basis.

Does anyone know if any other banks allow forthnightly repayments and that calulate interest daily.

Also, is there mortgage calulator that gives info on the savings when paying fornightly.

Thanks all

 

[ClubMan]

You can estimate the savings from such an accelerated repayment strategy using Karl Jeacle's mortgage calculator. See the instructions:

Monthly/Bi-weekly payments - Limited support for bi-weekly mortgages is present through this option. When Bi-weekly payments are selected, an extra half-monthly payment is made every six months. This equates to making 13 monthly payments every 12 months - a close approximation of how a typical bi-weekly mortgage will work out.

Don't forget that simply by making fortnightly repayments you are paying more over the year compared to the normal monthly repayment schedule. If X is your normal monthly repayment the monthly gives 12 * X while fortnightly gives (52/2) * (X/2) or 26 * X/2 = 13 * X!