# Formula for Bi-Weekly Payment on Monthly Loan

Hi All,

I'm trying to figure out the formula for a mortgage where the interest is monthly but you make two equal payments every other week.

Simple example: $1000 principal 1 year 1% interest

Using PMT it's super easy to solve the payments and from there I've made an amortization schedule. The payments on that loan would be $83.79/month for 12 payments.

Now I want to do an amortization table if you were to make payments of 1/2 of that amount ($41.885) every other week. Here is basically what I want it to look like at the end: http://www.mtgprofessor.com/calculato...

Thanks in advance