Managing a weekly budget? Use this weekly mortgage calculator to estimate your payment obligations on a weekly basis, helping you align housing costs with weekly or bi-weekly paychecks.
Weekly Mortgage Calculator
Weekly Mortgage Calculator Formula
This calculator converts the standard monthly mortgage payment into a weekly equivalent. While interest usually compounds monthly, budgeting weekly helps smooth out cash flow:
The monthly payment is first derived using the standard amortization formula:
Variables
- P: Principal Loan Amount (Home Price minus Down Payment).
- i: Monthly Interest Rate (Annual Rate / 12).
- n: Total Number of Months (Years × 12).
- 52: Number of weeks in a year.
Related Calculators
- Bi-Weekly Mortgage Calculator
- Amortization Schedule Calculator
- Extra Payment Calculator
- Home Affordability Calculator
What is Weekly Mortgage Calculator?
A weekly mortgage calculator is designed for borrowers who earn weekly wages or simply prefer to budget their expenses on a 7-day cycle. While most lenders require monthly payments, you can often set up your own savings plan by setting aside this weekly amount.
Note: This is different from an “Accelerated Weekly” plan. A standard weekly calculation (Monthly x 12 / 52) pays the exact same amount per year as a monthly plan. An accelerated plan (Monthly / 4) results in extra payments that reduce principal faster.
How to Calculate Weekly Mortgage Calculator (Example)
Let’s calculate the weekly budget for a $300,000 loan:
- Loan Amount: $300,000.
- Rate: 6.0% for 30 years.
- Monthly Payment: Calculated as approximately $1,798.65.
- Annual Cost: $1,798.65 × 12 = $21,583.80.
- Weekly Payment: $21,583.80 / 52 ≈ $415.07.
Frequently Asked Questions (FAQ)
Not all lenders accept direct weekly payments. Often, you must hold the funds yourself and pay the full monthly amount by the due date. Check with your servicer.
If you are simply paying the standard weekly amount (Monthly x 12 / 52), the interest savings are negligible compared to monthly payments because the total principal reduction is the same over the year.
Standard weekly = (Monthly × 12) / 52. Accelerated weekly = Monthly / 4. Accelerated weekly results in 52 payments that total up to 13 full monthly payments per year, paying off the loan faster.
This calculator uses US-style monthly compounding logic converted to weekly cash flow. In Canada or the UK, compounding periods may differ (e.g., semi-annual), slightly affecting the exact payment amount.