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Biweekly mortgage calculator
Half a payment every two weeks works out to one extra payment a year. See how many years that takes off your loan and how much interest it saves.
Why it works
A year has 52 weeks, so paying every two weeks means 26 payments. At half your monthly amount each, that is the same as 13 monthly payments a year instead of 12. The 13th payment is all principal. Over a 30-year loan, that steady extra paydown usually trims four to six years and a large share of the total interest, depending on the rate.
The savings grow with the rate. At today’s rates a biweekly schedule saves more interest than it did when rates were 3%, because more of each early payment goes to interest.
Before you sign up for a biweekly program
Check with your servicer first. Some third-party biweekly services charge enrollment and per-payment fees, and some hold your half payments until they have a full one, which removes most of the benefit. Adding a fixed amount of extra principal each month gets almost the same result for free, and you can change it any time.
Want to see your year-by-year balance? Try the amortization calculator, which takes an extra monthly principal amount. Or see your full monthly cost with taxes and insurance on the mortgage payment calculator.
Questions people ask
How does a biweekly mortgage save money?
Paying half your monthly payment every two weeks adds up to 26 half payments a year, which equals 13 full payments instead of 12. The extra payment goes straight to principal, so the balance falls faster and you pay less interest.
Does my lender have to offer biweekly payments?
No. Many servicers accept them, some charge a setup fee, and some only credit a payment once the full monthly amount arrives. You can get nearly the same result by adding one-twelfth of a payment to each monthly payment as extra principal, with no program needed.
Is a biweekly plan better than a 15-year loan?
A 15-year loan pays off faster and usually carries a lower rate, but its required payment is much higher. Biweekly payments on a 30-year loan keep the lower required payment and the flexibility to stop.