Biweekly Mortgage Calculator: Save Interest and Pay Off Sooner
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A biweekly mortgage payment is half your monthly payment, paid every two weeks. That makes 26 half-payments, or 13 full payments, a year instead of 12, so the loan is paid off years sooner.
Paying $948.10 every two weeks instead of $1,896.20 once a month means 26 half-payments a year, which equals 13 full monthly payments. On $300,000 at 6.50% you would finish in about 24.2 years instead of 30 and save $88,123 in interest.
Monthly vs biweekly
| Monthly | Biweekly | |
|---|---|---|
| Payment | $1,896.20 | $948.10 |
| Payments per year | 12 | 26 |
| Total paid per year | $22,754 | $24,651 |
| Years to pay off | 30.0 | 24.2 |
| Total interest | $382,637 | $294,513 |
| Total paid | $682,637 | $594,513 |
Show the steps
- Monthly payment: $300,000.00 at 6.500% over 360 months = $1,896.20.
- Biweekly payment: $1,896.20 ÷ 2 = $948.10, paid 26 times a year (52 weeks ÷ 2).
- That is 26 × $948.10 = $24,650.60 a year, or one extra monthly payment ($1,896.20).
- Interest on the balance each period is balance × 6.500% ÷ 26. The extra payment goes to principal, so the loan ends after 628 payments (24.15 years).
Payoff time with a fixed payment
Periods = −ln(1 − B × i ÷ p) ÷ ln(1 + i)
i = rate ÷ 26, p = payment ÷ 2, B = balance
- Some lenders only apply a payment on the day it arrives, or charge a fee for a biweekly plan. Ask first.
- You can get nearly the same result without a program: pay one-twelfth of a monthly payment extra each month.
Estimates for planning and learning, not financial, tax, legal or medical advice. Check figures with your lender, tax preparer or doctor before you act.
About this calculator
Paying every two weeks sounds like a small change, but because there are 52 weeks in a year you make 26 payments, not 24. That adds one full extra monthly payment each year, all of it applied to principal.
This calculator compares both plans side by side: payoff time, interest and total paid. It uses an interest rate of the annual rate divided by 26 for each biweekly period.
How to use it
- Enter your current mortgage balance and interest rate.
- Enter the years left on the loan.
- Read the biweekly payment, the new payoff time and the interest saved.
- Check the chart and table for the side-by-side comparison.
Is a biweekly plan worth it?
The savings come entirely from the extra payment each year. You can get the same result by adding one-twelfth of your monthly payment to every payment, with no third-party plan and no fees.
Check with your lender
Some lenders offer a biweekly program but hold your payments until the monthly due date, which removes much of the benefit. Others charge setup or per-payment fees. Make sure extra money is applied to principal right away.
Sources
Quick check: test yourself
How many payments do you make in a year with biweekly payments?
Correct answer: 26. 52 weeks ÷ 2 = 26 payments of half a monthly payment.
26 half-payments a year equal how many full monthly payments?
Correct answer: 13. 26 ÷ 2 = 13, so you make one extra monthly payment each year.
Why does a biweekly plan pay off the loan sooner?
Correct answer: You make the equivalent of one extra payment a year. The extra payment goes to principal, which lowers all future interest.
Pick an answer for each question.
Common questions
How does a biweekly mortgage work?
You pay half your monthly payment every two weeks, which makes 26 payments, equal to 13 monthly payments, each year.
How much time does a biweekly plan save?
On a 30-year loan it usually saves about 4 to 6 years, depending on the rate.
Does my lender allow biweekly payments?
Many do, but some charge a fee. You can get the same effect by adding one-twelfth of the payment to each monthly payment.
Is biweekly the same as every two weeks or twice a month?
No. Biweekly is every two weeks, 26 times a year. Twice a month is 24 times a year and has no extra payment.
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