Biweekly Mortgage Calculator

Instead of making one full mortgage payment each month (12 per year), you make a half-payment every two weeks. Since there are 52 weeks in a year, you end up making 26 half-payments — the equivalent of 13 full monthly payments instead of 12. That one extra payment per year goes entirely to your principal balance, which reduces the amount on which future interest accrues. Over the life of a typical 30-year mortgage, this small change results in paying off the loan roughly 4–6 years early and saving tens of thousands of dollars in interest, depending on your loan balance and interest rate.

The savings depend on your loan balance, interest rate, and remaining term, but the results can be substantial. On a $300,000 mortgage at 6.5% over 30 years, biweekly payments typically save approximately $60,000–$70,000 in interest and shorten the loan by about 4–5 years. Higher interest rates amplify the savings — at 7% the savings are even greater. The reason is compounding: by paying down principal faster (through that extra yearly payment), less interest accrues each period, which means more of each subsequent payment goes to principal. The effect snowballs over time. Use this calculator to see the exact savings for your specific loan.

Not necessarily. Many lenders are set up for monthly billing cycles and may not officially support biweekly payment schedules. Some lenders will accept biweekly payments but hold the funds until the full monthly amount is received, which defeats the purpose entirely — interest continues to accrue on the full balance until the monthly payment is credited. Before enrolling in a biweekly program, call your lender to confirm: (1) that they apply payments immediately rather than holding them, and (2) that the extra payment is applied to principal rather than being held as a 'prepayment.' An alternative that achieves the same result is simply making one extra principal-only payment per year on your regular monthly schedule, which most lenders accept without any special program.

Both strategies achieve the same goal — paying down principal faster — and the mathematical result is essentially identical if the extra money is the same. Biweekly payments spread the equivalent of one extra payment across 26 smaller installments, which can feel more manageable for cash flow. Making one extra lump-sum payment per year is simpler and doesn't require your lender to change anything about your billing cycle. Some people find it easier to commit to the biweekly schedule because it's automatic, while others prefer the flexibility of making an extra payment only in months when cash allows. Either way, the key is that the extra amount is applied to principal. Adding extra money to each monthly payment (for example, rounding up to the nearest $100) is another equivalent approach.

The biweekly strategy is essentially equivalent to making one additional monthly payment every year. Here is why: 26 biweekly payments × (monthly payment ÷ 2) = 13 monthly payments worth of money per year, vs the 12 you would normally make. That 13th payment goes entirely to principal. You can replicate this without switching to a biweekly schedule in several ways: (1) Divide your monthly payment by 12 and add that amount to each monthly payment as an extra principal payment; (2) Make a one-time extra principal payment equal to one full monthly payment once per year; (3) Make 13 monthly payments in a calendar year by paying twice in one month. All of these approaches reduce your principal in the same way and deliver very similar interest savings over the life of the loan.

Sometimes, yes. Some lenders and third-party services charge setup fees or ongoing monthly fees to enroll in a biweekly payment program. These fees can range from $100–$400 to set up, plus $5–$10 per payment, which can eat significantly into your interest savings. Before paying for any biweekly program, compare the cost against the interest you would actually save. In many cases, you are better off simply making an extra principal payment on your own — most lenders allow this for free. If you do pay a fee for a biweekly program, make sure you verify with your lender that (1) the funds are applied immediately, (2) the extra amount each year is credited to principal, and (3) there are no prepayment penalties in your loan agreement.