How to use the biweekly mortgage calculator
- 1 Enter your loan balance.
- 2 Enter the interest rate.
- 3 Enter the years left on the loan.
- 4 Enter any program fees and read the interest saved.
Worked example
A $400,000 balance at 6.5% with 30 years left, paid biweekly with no program fees. The monthly payment is $2,528.27, so the biweekly payment is $1,264.14. The loan is paid off in 24 years 2 months instead of 30 years, and total interest falls from $510,178 to $393,836: a saving of $116,341.72.
Paying biweekly for free
- Ask your lender about a free biweekly plan.
- Or add 1/12 extra to each monthly payment.
- Avoid third-party fees for the same result.
- Mark extra as principal on each payment.
Try other extra amounts with the Mortgage Payoff Calculator, see the schedule with the Amortization Calculator, and lower your payment with the Mortgage Recast Calculator.
Features
Time saved
Payoff date with biweekly vs monthly payments.
Interest saved
After any program fees.
Do-it-yourself option
The same result with 1/12 extra each month.
When to use it
Paying off early
Try other extra amounts with the Mortgage Payoff Calculator.
Buying a home
See the monthly payment first with the Mortgage Calculator.
Lump sums
Lower your payment with the Mortgage Recast Calculator.
Full schedule
See every payment with the Amortization Calculator.
Related Home and Auto tasks
Frequently asked questions
How do biweekly mortgage payments work?
You pay half your monthly payment every two weeks. With 26 payments a year, you pay the equivalent of 13 monthly payments, one more than with monthly payments.
How much can biweekly payments save?
On a $400,000, 30-year loan at 6.5%, about $116,342 of interest, and the loan is paid off about 5 years 10 months early.
Do I need my lender's permission?
Many lenders offer biweekly plans. If yours does not, you can get the same result by adding one-twelfth of your payment to each monthly payment as extra principal.
Are biweekly programs worth the fee?
Usually not. Some third-party programs charge setup and per-payment fees for something you can do free by paying a little extra each month.
Does the lender apply biweekly payments right away?
Not always. Some hold half payments until they have a full payment. The savings come mainly from the extra payment each year.
Is biweekly the same as paying extra each month?
Very close. Paying 1/12 of a payment extra each month ($210.69 on a $2,528.27 payment) gives nearly the same result.
Does biweekly suit people paid every two weeks?
Yes. Matching mortgage payments to paydays makes budgeting easier, and two months a year have three paychecks.
Will biweekly payments lower my monthly payment?
No. Your required payment stays the same; you just pay the loan off sooner.
Should I pay off my mortgage early or invest?
Paying early gives a sure return equal to your rate. Investing may earn more but carries risk. Keep an emergency fund and get any 401(k) match first.
When is the best time to start biweekly payments?
The earlier the better: early in the loan, most of each payment is interest, so extra principal then saves the most. Starting later still saves interest, just less.
Do biweekly payments help with PMI?
Yes. Paying principal faster brings your loan to 80% of the original home value sooner, so you can ask to cancel PMI earlier.
Are there prepayment penalties?
Most mortgages since 2014 have no or limited prepayment penalties, but check your loan documents.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Built and reviewed by Hamza Farooq, founder and lead developer
· Last updated
· How we check our tools
· Report a problem