Biweekly Mortgage Calculator
Half a payment every two weeks adds up to one extra payment a year. See how many years that cuts from your mortgage and how much interest it saves.
| Plan | Payment | Paid off in | Interest |
|---|---|---|---|
| Monthly | $2,212.24/mo | 30 yrs | $446,406 |
| Biweekly | $1,106.12/2 wk | 24 yrs 2 mo | $343,597 |
| Monthly + 1/12 | $2,396.59/mo | 24 yrs 2 mo | $344,607 |
"Monthly + 1/12" adds $184.35 of extra principal to each monthly payment: nearly the same savings, no special program needed.
How the balance falls
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Why 26 half-payments beat 12 full ones
A year has 52 weeks, so paying every two weeks means 26 payments. Twenty-six halves are thirteen wholes. That thirteenth payment goes entirely to principal, and because mortgage interest is charged on the balance, each dollar of principal you retire early stops generating interest for the rest of the loan.
A small part of the saving also comes from paying down principal a couple of weeks earlier each time, which is why the true biweekly line saves slightly more than the 1/12 approach. Either way, check that your servicer applies the money to principal as soon as it arrives, and avoid programs that charge a fee for something you can do yourself.
Questions people ask
How does a biweekly mortgage save money?
Paying half your monthly payment every two weeks produces 26 half-payments a year, which is 13 full payments instead of 12. The extra payment goes straight to principal, which shortens the loan and cuts interest.
How many years does biweekly take off a 30-year mortgage?
At typical rates, roughly four to six years. The exact figure for your loan is shown above.
Do I need a special biweekly program?
Not usually. Many servicers charge setup fees for formal biweekly plans. You can get almost the same result for free by adding one-twelfth of your payment to each monthly payment as extra principal — the "monthly + 1/12" line shows this.
Will my servicer apply biweekly payments correctly?
Ask first. Some servicers hold half-payments until a full payment arrives, which removes most of the benefit. Confirm extra money is applied to principal.