Biweekly Mortgage Calculator

See how switching from monthly to biweekly mortgage payments can save you years and thousands of dollars in interest by making 13 full payments per year instead of 12.

Loan Details

$
%
yrs

Ready to Calculate

Enter your loan details and click Calculate to compare monthly vs biweekly payment schedules.

Related Calculators

Pro Tip

If your lender doesn't offer biweekly payments, you can DIY it by dividing your monthly payment by 12 and adding that amount each month. Same savings, no special program needed.

Calculate Extra Payments →

Popular Tools

How Biweekly Mortgage Payments Work

A biweekly mortgage payment plan splits your monthly mortgage payment in half, and you pay that half amount every two weeks. Since there are 52 weeks in a year, you make 26 half-payments, which equals 13 full monthly payments instead of the standard 12.

That extra payment each year goes entirely toward principal reduction. Over the life of a 30-year mortgage, this simple change can save you 4 to 6 years of payments and tens of thousands of dollars in interest, without significantly affecting your biweekly budget.

The savings come from two effects: the extra annual payment that reduces principal faster, and the more frequent payment schedule that slightly reduces the average daily balance on which interest accrues. The combined effect accelerates your equity build-up substantially.

Many borrowers find biweekly payments easier to manage because they align with biweekly pay schedules. Instead of one large monthly payment, two smaller payments may feel more manageable and help with cash flow planning.

Biweekly Payment Formula

Biweekly Payment Calculation

Biweekly Payment = Monthly Payment ÷ 2

Where:

Biweekly Payment = Amount paid every two weeks

Monthly Payment = Standard monthly mortgage payment (P&I)

Example

For a $300,000 loan at 6.5% for 30 years:

  • • Monthly payment: $1,896.20
  • • Biweekly payment: $948.10
  • • Annual payments: 26 x $948.10 = $24,650.60
  • • Equivalent monthly: $24,650.60 / 12 = $2,054.22
  • • Extra per year: $2,054.22 - $1,896.20 = $158.02/month equivalent

Frequently Asked Questions

How do biweekly payments save me money?
By paying half your monthly payment every two weeks, you make 26 half-payments per year instead of 24 (12 months x 2). This equals 13 full monthly payments per year instead of 12, putting one extra full payment toward principal annually.
Can any lender accept biweekly payments?
Not all lenders offer formal biweekly payment programs. Some may charge setup or processing fees. An alternative is to simply make one extra monthly payment per year or add 1/12 of your monthly payment to each payment.
Is biweekly the same as paying extra each month?
A biweekly plan results in one extra full payment per year. You can achieve similar results by adding 1/12 of your monthly payment each month. For a $1,896 payment, that would be an extra $158/month.
When is the best time to start biweekly payments?
The earlier in your loan term you start, the more you save. Starting biweekly payments in year one provides maximum interest savings because you're reducing the balance when it's highest.
Are there any downsides to biweekly payments?
The main considerations are: some lenders charge fees for biweekly programs, you need to budget for the equivalent of an extra payment per year, and the money might generate better returns invested elsewhere depending on your interest rate.