Mortgage Coach does not include a feature to show bi-weekly payments but there is a work-around to achieve the same result. You will have to use a biweekly payment calculator to determine the monthly payment, then multiply by 26 to find out the yearly sum. Then subtract the yearly payment of the fully amortized loan from that figure, then divide that figure by 12 and use that number as a term reduction payment. The numbers will come out correctly but since there is no reference on the report to the Bi-weekly payment, you will need to notate this somewhere in the notes section.
Here is the formula again in a mathematical format:
Goal = find out yearly then monthly difference between bi-weekly payments and monthly payments and reinvest that amount as a term reduction.
[(BW Payment x 26) – (Monthly Payment x 12)] = yearly difference in payments
Take yearly difference and divide it by 12 and use that figure in a term reduction in the analysis screen under the “Adjust Reinvestment Strategy” button.
Here is a link to a free bi-weekly calculator you can use: