Biweekly Mortgage Calculator
Free biweekly mortgage calculator: see how paying half your mortgage payment every two weeks pays off the loan years sooner and how much interest you save.
What it does
With a biweekly plan you pay half of the monthly mortgage payment every two weeks. A year has 52 weeks, so that is 26 half-payments, the same as 13 full payments instead of 12. The extra payment goes to the principal every year, so a 30-year loan is usually paid off four to six years early. This calculator simulates the 26 payments a year and compares the total interest with paying monthly.
How to use it
- Type the loan amount, the interest rate and the term.
- See the payment every two weeks, which is half of the monthly payment.
- Compare the new payoff time and the interest saved with paying monthly.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
Can I do this without a biweekly program?
Yes. Some lenders and third-party companies charge a setup or monthly fee for biweekly plans. You get almost the same result for free by adding one twelfth of your payment to each monthly payment, marked as principal.
Why does it save so much interest?
Because each extra dollar reduces the balance on which all the following interest is charged. In the early years most of a mortgage payment is interest, so paying principal sooner has a large effect.
Does my lender apply payments every two weeks?
Not always. Some servicers hold the first half until the second arrives and apply a full payment once a month. The yearly effect of the 13th payment is the same; confirm how your servicer handles it.
Is biweekly the same as twice a month?
No. Twice a month is 24 half-payments a year, exactly 12 full payments, so it pays the loan off on the original schedule. Every two weeks gives 26 half-payments, which is where the savings come from.
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