Biweekly Mortgage Calculator
Pay half every two weeks and see what you save
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Estimate, not a loan offer. Your rate depends on credit, location, loan type and lender. We may earn a commission when you click. It does not change your estimate. How we calculate · How we make money
- PMI
- Down payment
- Loan payoff date
- Total interest paid
- Property tax
- Home insurance
- Annual payment
- Total of all payments
| Year | Ends | Principal | Interest | Balance |
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| # | Date | Principal | Interest | Balance |
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Your estimate uses an example rateYour real payment depends on the rate lenders offer you. Compare quotes to see your actual number.
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The rate in this calculator is an example. To see what lenders would offer you, compare quotes based on your own details. It's free and doesn't commit you to anything.
- Check rates from several lenders at once
- A quarter point lower saves about $60 a month on a $360,000 loan
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How biweekly mortgage payments work
With biweekly payments, you pay half your monthly mortgage payment every two weeks. A year has 52 weeks, so that's 26 half-payments, or 13 full payments instead of 12. The extra payment goes to principal, which shortens the loan and cuts the interest you pay.
With the example numbers, a $360,000 loan at 6.5% has a monthly principal and interest payment of about $2,275. Paying about $1,138 every two weeks instead pays the loan off in about 24 years instead of 30 and saves about $105,700 in interest. Switch between Monthly and Biweekly in the amortization section to compare.
Set it up the right way
- Ask your servicer whether they offer biweekly payments and apply each half-payment when it arrives.
- Some servicers hold half-payments until the full amount arrives, which removes most of the benefit.
- Avoid third-party biweekly programs that charge setup or monthly fees for something you can do yourself.
A simpler alternative
You get nearly the same result by adding one-twelfth of your payment to each monthly payment as extra principal, or by making one extra payment a year. The mortgage payoff calculatorshows the savings from any extra amount.
Frequently asked questions
How do biweekly mortgage payments work?
You pay half your monthly payment every two weeks. That adds up to 26 half-payments, or 13 full payments a year instead of 12, and the extra goes to principal.
How much do biweekly payments save?
On a $360,000 loan at 6.5% over 30 years, biweekly payments pay the loan off in about 24 years and save about $105,700 in interest. Enter your own loan above to see your savings.
Is a biweekly mortgage worth it?
It can be, if your servicer applies each half-payment when it arrives and doesn't charge a fee. If they hold half-payments until the full amount arrives, or a third party charges for the service, most of the benefit disappears.
Can I get the same result without a biweekly plan?
Yes. Adding one-twelfth of your payment as extra principal each month, or making one extra payment a year, gets nearly the same result. The mortgage payoff calculator shows the savings.