I may have confused myself. I am trying to create a spreadsheet to figure out the different payments for different loan terms and payment methods (biweekly and monthly) since the calculators I see on the web require me to reenter information for each possible change in interest, down payment, loan term, amortization etc.
I started out with this formula:
P = L[c(1 + c)n]/[(1 + c)n - 1] from the mortage professor
For the biweekly-payments, I made
n = 26 * 30 = 780 vs
n = 260 and made
c = APR/26 vs
APR/12 for monthly.
This is the math itself. However, after reading
With this payment method [biweekly], you pay $382 (half your monthly payment) every two weeks.
The only difference [with monthly payments] is that you structure your payments so that, instead of making one payment at the beginning of each month, you make half of one payment every two weeks.
I am not so sure if the method of paying every 2 weeks with
n = 780 exists and would like to confirm so that I remove columns that pertain to this theoretical method.
I was also surprised when a mortgage broker in the US told me that he hasn't seen biweekly payments anywhere.