Biweekly Mortgage Calculator

How Biweekly Payments Work

With biweekly payments, you make half your monthly payment every two weeks. Since there are 52 weeks in a year, this equals 26 half-payments — or 13 full monthly payments per year. That extra monthly payment each year goes directly to principal, helping you pay off your loan faster and save thousands in interest.

Here's the math: on a standard 30-year mortgage, you make 360 monthly payments. With biweekly payments, you make 26 half-payments per year, which equals 13 full payments — one extra per year. Over 30 years, that adds up to 390 half-payments (or 195 full payments), meaning you pay off the equivalent of a 25-year mortgage in roughly 25 years while paying significantly less interest.

Benefits of Biweekly Payments

• Automatic Savings: No need to remember to make extra payments — it's built into your schedule.
• Faster Payoff: Typical savings of 4-6 years on a 30-year loan, depending on your rate and balance.
• Interest Savings: On a $300,000 loan at 6.5%, you save approximately $35,000 in interest.
• Manageable: Each payment is only half your regular amount, so the impact on each paycheck is small.
• No Refinancing Needed: Unlike refinancing to a shorter term, biweekly payments don't require closing costs or qualification.

Biweekly vs Extra Monthly Payments

Biweekly payments are one of several strategies to pay off your mortgage faster. Here's how they compare:

• Biweekly payments: 13 payments per year. Automatically scheduled, easy to set up with most lenders.
• Extra monthly payment: Adding a fixed amount to each monthly payment (e.g., $200 extra per month). More flexible — you choose the amount.
• Lump sum payments: Making one large extra payment per year (e.g., with a tax refund). Effective but irregular.
• Round up: Rounding your payment to the nearest $50 or $100. Small but consistent impact over time.

All strategies reduce total interest and shorten your loan term. The best one is whichever you can stick with consistently.

How to Set Up Biweekly Payments

1. Ask your lender: Most servicers offer biweekly payment plans at no cost. Call or check your online portal.
2. Set it up yourself: If your lender doesn't offer biweekly, make half your payment every two weeks from your own bank account and contact your servicer to apply it correctly.
3. Verify the extra goes to principal: Confirm that the extra payment reduces your principal balance, not just advancing your due date.
4. Watch for fees: Some third-party services charge a setup fee to process biweekly payments. You don't need them — you can do it yourself for free.

Frequently Asked Questions

Will biweekly payments change my credit score? No. Your payment history remains the same — you're just paying more frequently. As long as you make each payment on time, there's no negative impact.

Can I switch back to monthly? Yes. Biweekly payments are voluntary. You can revert to monthly at any time by contacting your servicer.

Does this work for any loan type? Biweekly strategies work for most fixed-rate mortgages. For adjustable-rate mortgages, the math still applies, but your rate may change over time, altering the savings.

Related Calculators

• Extra Payment Calculator — Compare extra monthly payments to biweekly
• Mortgage Payoff Calculator — See your exact payoff date
• Mortgage Calculator — Standard payment with PITI breakdown