Add monthly vs Biweekly payment schedule to mortgage calculator

Ask the Community Customization
1

Share your use case and provide as many details to support your idea as possible. Thank you! :blush:Add monthly vs Biweekly payment schedule to mortgage calculator

3

Hello there, @Johnny_Sugrue :waving_hand:

Just to clarify, you’d like to add a payment frequency option (Monthly / Biweekly) and recalculate the periodic payment, total interest, and payoff duration based on the selected schedule, right?

If so, should biweekly payments also reduce the loan payoff time and total interest, or do you only want to display the equivalent payment amount every two weeks?

4

Hi Max,

Yes, that’s the goal. I’d like visitors to choose Monthly, Regular Biweekly, or Accelerated Biweekly payments and see how each option affects:

  • The payment amount per period

  • Total interest paid

  • The time required to pay off the mortgage

For regular biweekly, the payment should be calculated over 26 payments per year using the selected amortization period. For accelerated biweekly, each payment should be half the monthly payment, made 26 times per year. That extra annual payment should reduce both the payoff time and total interest shown.

The calculator is for a Canadian real estate website, so I’d also like the calculations to follow Canadian mortgage interest conventions. Ideally, visitors could switch between the three schedules and immediately compare the results.

Do you know if this possible with the current Calculator widget, or would it require a new feature?

Thanks,
Johnny

5

Thanks a lot for such a detailed response!

I’ve passed your request to the devs and they’ll check if anything can be done. I’ll keep you updated :slightly_smiling_face:

6

That’s awesome! Thank you so much for that!

7

Hi there, @Johnny_Sugrue :waving_hand:

Thank you for waiting!

Our devs built a calculator based on your description. We haven’t published changes yet, so that you could test how it works in the configurator first.

Check it out and let me know if you like the result :slightly_smiling_face:

8

That’s awesome Max, where do I check it out?

9

In the widget editor :slightly_smiling_face:

10

Works perfectly Max!
Thanks for that!

11

Glad to hear that, thanks for the feedback! Feel free to click on the Publish button in the editor to make changes live.

If you have any questions in the future, we’re always here to help :blush:

12

Fantastic, thank you so much.