Biweekly Mortgage Payment Calculator
Biweekly payments split your monthly amount in half and pay every two weeks, producing 26 half-payments per year — the equivalent of 13 full payments instead of 12. Enter your loan details above. On a $220,000 loan at an illustrative 6.5% rate over 30 years, biweekly payments can shorten the term by four to five years.
Your loan
$0
and paid off 0 months sooner
- Monthly payment
- $0.00
- Biweekly payment
- $0.00
- Paid off in
- —
- Interest paid biweekly
- $0
- Same effect, paid monthly
- +$0.00/mo
You do not need a servicer's biweekly program to get this. Adding the figure on the last line to your normal monthly payment produces the same result, and enrolment fees produce nothing.
Why Biweekly Payments Shorten Your Loan
The math is simpler than it sounds. There are 52 weeks in a year, so biweekly payments produce 26 half-payments, which equals 13 full monthly payments. That thirteenth payment goes entirely to principal. Over time, the lower balance reduces the interest charged on every subsequent payment, and the savings compound year after year.
On a $220,000 loan at an illustrative 6.5% rate for 30 years, the standard monthly payment is about $1,391. A biweekly plan pays $695.50 every two weeks. The extra annual payment of $1,391 attacks the principal early, when the balance is highest and interest savings are greatest. The result is a shorter term, often by four to five years, and tens of thousands of dollars in avoided interest — all without increasing the amount you send per paycheck by more than the equivalent of one extra payment spread across the year.
Skip the Bank Program -- Do It Yourself for Free
Some banks and third-party companies offer biweekly payment programs with setup fees of $200 to $400 and ongoing monthly charges. You do not need them. The same result can be achieved for free by dividing your monthly payment by twelve and adding that amount to each monthly payment as extra principal.
For the $220,000 example above, that means adding roughly $116 to each monthly payment ($1,391 / 12). Your servicer applies the extra to principal, you make thirteen payments' worth of principal reduction per year, and you pay no enrollment fee. Many homeowners on personal-finance forums confirm this approach and warn against third-party programs that hold your biweekly payments in a non-interest-bearing account before forwarding them to the servicer monthly — meaning you lose the timing benefit and still pay a fee. Always confirm with your servicer that extra payments are applied to principal immediately.
Biweekly results assume each extra payment is applied to principal when received. Some servicers hold funds until the full monthly amount accumulates, which reduces the benefit.