Formula for Bi-Weekly Payment on Monthly Loan

[jmadero.dev]

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/calculators/Calculator2bi.html

Thanks in advance

[mark_t]

For the end of each payment period calculate the new balance from the previous balance minus the payment plus the interest for that period.

Attached example.

Untitled 4.ods

You might need to adjust this to round the payment of each period to the nearest cent.