Biweekly Mortgage Calculator
See how paying half your mortgage every two weeks pays the loan off years early and cuts total interest.
How it works
Biweekly payment = monthly payment ÷ 2, made 26×/year (= 13 monthly payments), amortized to payoff
A monthly mortgage makes 12 payments a year. Pay half the monthly amount every two weeks instead and you make 26 half-payments — the equivalent of 13 full payments a year. That extra payment goes straight to principal, so the balance falls faster, less interest accrues, and the loan finishes years ahead of schedule. The trick is real, but it is simply an automated way of paying a little extra each year.
Worked example
On a $300,000 loan at 6% for 30 years, the monthly payment is $1,798.65 and total interest is about $347,500. Paying $899.33 every two weeks pays the loan off in roughly 24.5 years and drops total interest to about $273,100 — saving around $74,400.
Frequently asked questions
How does biweekly save so much?
26 half-payments equal 13 monthly payments a year, one more than the standard 12. That extra full payment each year attacks principal directly, compounding the savings over the life of the loan.
Do I need my lender to set this up?
Not necessarily. You can get the same result by paying one-twelfth extra with each monthly payment, or making one extra full payment a year. Beware biweekly "programs" that charge setup or per-payment fees — you can do it yourself for free.
Are there downsides?
Only that the money is locked into home equity instead of invested or kept liquid. If your mortgage rate is low, investing the extra could earn more; if it is high, paying down is a guaranteed return.
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This is an educational estimate, not financial advice. Lenders use their own rounding, fees and terms — confirm exact figures with your lender or a licensed advisor.