Biweekly Mortgage Calculator
Calculate how much you can save and how quickly you can pay off your mortgage by making biweekly payments instead of monthly payments. See the impact on interest savings and payoff time.
Payment Comparison
Monthly Payment
Biweekly Payment
Total Interest (Monthly)
Total Interest (Biweekly)
Interest Savings
Time Saved
How Biweekly Mortgage Payments Work
Instead of making 12 monthly payments per year, biweekly payments involve making a payment every two weeks. Since there are 52 weeks in a year, you'll make 26 biweekly payments (52 ÷ 2 = 26). This equals 13 monthly payments per year instead of 12, meaning you make one extra payment annually that goes directly toward reducing your principal balance.
Benefits of Biweekly Payments
- Make 26 Half-Payments: Pay every two weeks instead of once per month, totaling 13 full monthly payments per year.
- Extra Payment Reduces Principal: The extra annual payment directly reduces your loan balance, saving on interest.
- Significant Interest Savings: Pay off your mortgage years earlier and save thousands in interest charges.
- Earlier Mortgage Payoff: Typical savings of 4-7 years on a 30-year mortgage, depending on interest rate.
- Matches Pay Schedule: Aligns perfectly with biweekly paychecks, making budgeting easier.
- Less Noticeable Impact: Smaller, more frequent payments feel less burdensome than one large monthly payment.
Important Considerations
Lender Requirements
Not all lenders accept biweekly payments by default. Some require enrollment in a specific biweekly payment program. Contact your lender to verify they accept biweekly payments and confirm they'll apply payments immediately rather than holding them until a full monthly payment accumulates.
Watch for Fees
Some lenders charge setup fees or ongoing fees for biweekly payment programs. Compare these fees against potential savings. You can achieve the same benefit by making one extra monthly payment per year without special programs.
DIY Alternative
If your lender doesn't support biweekly payments or charges fees, you can replicate the benefits by dividing your monthly payment by 12 and adding that amount to each monthly payment. This achieves one extra payment per year without special arrangements.
Maximizing Your Savings
Start Early for Maximum Impact
The earlier you switch to biweekly payments, the more you'll save. Interest is front-loaded on mortgages, so reducing principal in the early years has the biggest impact. Even starting 5-10 years into your mortgage can still yield significant savings.
Combine with Extra Payments
Accelerate payoff even more by applying bonuses, tax refunds, or other windfalls as additional principal payments. Even small extra payments can compound significantly over time when combined with biweekly payments.
Consider Opportunity Cost
While paying off your mortgage faster saves interest, make sure you've funded emergency savings and retirement accounts first. If you can earn higher returns investing elsewhere (especially with low mortgage rates), that might be a better financial choice than accelerated payoff.
Note: This calculator provides estimates based on the information you enter. Actual savings and payoff times may vary depending on your specific loan terms, lender policies, and payment application methods. Verify that your lender accepts biweekly payments and properly applies them to principal immediately. Some lenders may require enrollment in a specific biweekly payment program and may charge fees. Consider any fees associated with biweekly payment plans when evaluating potential savings. Consult with your mortgage lender or financial advisor to understand the specific terms and benefits available for your situation.