Biweekly Mortgage Calculator
See how biweekly payments save interest and shorten your mortgage.
Monthly vs Biweekly Comparison
This tool is for informational and educational purposes only. It is not a substitute for professional financial, medical, legal, or engineering advice. See Terms of Service.
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This calculator shows the savings from switching your mortgage payment schedule from monthly to biweekly. It requires just three inputs:
- Enter your loan amount. This is your mortgage principal (home price minus down payment).
- Enter your interest rate. Use your current mortgage rate.
- Select your loan term. Choose the original term of your mortgage.
The calculator compares a standard monthly payment schedule to a biweekly schedule. With biweekly payments, you make 26 half-payments per year, which equals 13 full monthly payments instead of 12. That one extra payment per year goes entirely to principal and significantly reduces total interest.
About Biweekly Mortgage Payments
Biweekly mortgage payments align with a typical paycheck schedule: you pay half your monthly mortgage every two weeks. Since there are 52 weeks in a year, you make 26 half-payments, which equals 13 monthly payments. The 13th payment goes straight to principal.
This simple change can shave 4-6 years off a 30-year mortgage and save tens of thousands in interest. There are no fees involved. Some lenders offer formal biweekly programs, but you can achieve the same result by dividing your monthly payment by 12 and adding that amount to each payment as extra principal.
Frequently Asked Questions
How do biweekly mortgage payments work?
Instead of making one monthly payment, you pay half the amount every two weeks. With 52 weeks per year, that is 26 half-payments, which equals 13 full monthly payments. The extra payment reduces your principal faster, saving interest and shortening the loan.
How much do biweekly payments save on a 30-year mortgage?
On a $280,000 loan at 6.5%, biweekly payments save approximately $60,000 to $80,000 in interest and pay off the loan about 5 years early. The exact savings depend on your loan amount and interest rate.
Do I need to set up a formal biweekly plan?
No. You can achieve the same result by dividing your monthly payment by 12 and adding that amount as extra principal each month. For example, if your payment is $1,770, add $147.50 each month. This avoids any fees that some biweekly programs charge.
Is biweekly better than making one extra payment per year?
Biweekly is slightly better because the extra principal is spread throughout the year, reducing the balance sooner. A single lump-sum extra payment once a year achieves similar results but the interest savings are marginally lower since the balance stays higher for more of the year.