About the Biweekly Mortgage Calculator
Paying half your monthly mortgage every two weeks results in 26 half-payments a year — the equivalent of 13 monthly payments instead of 12. That one extra payment a year goes to principal, shortening the loan and saving interest without a big change to your budget. This calculator compares biweekly to standard monthly payments.
How it’s calculated
The monthly payment uses the standard amortizing formula. The biweekly schedule charges interest every two weeks (annual rate ÷ 26) and applies half the monthly payment each period until the balance clears. The difference in payoff time and total interest is the savings.
Example calculation
On a $320,000 loan at 6.5% over 30 years, switching to biweekly payments pays it off around four to five years early and saves roughly $90,000 in interest.
Frequently asked questions
How do biweekly payments save money?
Twenty-six half-payments equal 13 full monthly payments a year instead of 12. The extra payment goes to principal, so you owe less interest and finish the loan sooner.
Is this different from just paying extra?
The effect is similar to adding one extra payment a year. Biweekly just automates it. You can achieve the same result by paying 1/12 extra with each monthly payment.
Does my lender have to allow it?
Some servicers offer true biweekly programs; others apply payments only when a full monthly amount is received. Check how yours handles partial payments before switching.
This calculator provides estimates for educational purposes and should not be considered financial, tax, or legal advice. Your actual figures may vary with lender terms, fees, and market conditions.