Biweekly Mortgage Calculator
See how paying your mortgage every two weeks instead of monthly can shave years off the loan. Enter the balance, rate and term to compare payoff times and total interest.
How biweekly mortgage payments work
- Enter the loan balance, the annual interest rate and the term in months.
- The tool splits your monthly payment in half and applies it every two weeks.
- Compare the biweekly payoff time and interest against the standard monthly plan.
Examples
200k at 6% over 30 years
Balance 200,000, rate 6%, term 360 months
Biweekly payment 599.55, paid off about 5.5 years sooner, roughly 49,600 less interest
Frequently asked questions
How does a biweekly mortgage save money?
Paying half your monthly amount every two weeks means 26 half payments a year, which equals 13 full monthly payments instead of 12. That one extra payment a year goes to principal and shortens the loan.
How much sooner will I pay off the loan?
On a typical 30-year loan at 6 percent, switching to biweekly payments pays the mortgage off about five to six years early and can save tens of thousands in interest, depending on the balance and rate.
Is biweekly the same as paying twice a month?
No. Twice a month is 24 payments a year, the same total as monthly. Biweekly is every two weeks, which is 26 payments a year, so it adds the equivalent of one extra full payment annually.
Do all lenders accept biweekly payments?
Not always directly. Some offer a biweekly program, sometimes for a fee. You can usually get the same result for free by adding one twelfth of your payment to principal each month yourself.
Are the results financial advice?
No. These figures are estimates for comparison. Confirm with your lender how extra and biweekly payments are applied, and check for any prepayment penalties before you change your plan.
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