Biweekly mortgage payment calculator
Paying half your mortgage every two weeks adds up to 13 full payments a year instead of 12. Enter your loan to see the payoff date and interest saved.
Why it works
There are 26 two-week periods in a year. Half a payment × 26 = 13 monthly payments, one more than the 12 you'd normally make. The extra payment goes straight to principal, which shortens the loan and cuts interest. Here's a typical example:
| Plan | Payment | Paid per year | Payoff time | Total interest |
|---|---|---|---|---|
| Monthly | $1,896.20 | $22,754 | 30.0 yrs | $382,633 |
| Biweekly (half every 2 weeks) | $948.10 | $24,651 | 24.2 yrs | $294,512 |
$300,000 loan at 6.5% for 30 years, assuming the lender applies each half-payment when received (interest computed per biweekly period). Savings: about $88,122 and 5.8 years.
Watch out for fees
Some third-party "biweekly programs" charge setup or per-payment fees that erase much of the savings. Ask your servicer if they accept biweekly payments directly, or simply add 1/12 of a payment to each monthly payment. Read are biweekly mortgage payments worth it? for the full breakdown.
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Frequently asked questions
Does a biweekly mortgage really save money?
Yes, if the extra money reaches principal. The savings come from the 13th payment each year, not from the biweekly timing itself.
Is it better than paying extra monthly?
Results are nearly identical. Biweekly works well if you are paid biweekly because it matches your paychecks.
Can I set this up myself?
Usually. Ask your servicer to apply extra payments to principal, or add 1/12 of your payment each month.