Biweekly Mortgage Calculator
See how paying half your mortgage every two weeks shortens the loan and cuts interest
Your Mortgage
Biweekly payments pay the loan off
5 yr 10 mo sooner
and save $102,809 in interest · $1,106.12 every two weeks instead of $2,212.24 a month
Monthly payment
$2,212.24
12 payments a year
Biweekly payment
$1,106.12
26 half-payments = 13 monthly payments a year
New payoff time
24 yr 2 mo
instead of 30 years
Interest saved
$102,809
$343,597 instead of $446,406
Loan balance over time
Monthly vs biweekly payments
Total interest
Over the life of the loan
Balance by Year
| Year | Monthly Plan | Biweekly Plan | Difference |
|---|---|---|---|
| 1 | $346,088 | $343,799 | $2,289 |
| 2 | $341,914 | $337,183 | $4,731 |
| 3 | $337,460 | $330,122 | $7,338 |
| 4 | $332,709 | $322,588 | $10,120 |
| 5 | $327,638 | $314,549 | $13,089 |
| 6 | $322,229 | $305,971 | $16,258 |
| 7 | $316,457 | $296,817 | $19,640 |
| 8 | $310,298 | $287,049 | $23,249 |
| 9 | $303,727 | $276,626 | $27,101 |
| 10 | $296,716 | $265,504 | $31,212 |
| 11 | $289,236 | $253,636 | $35,600 |
| 12 | $281,254 | $240,972 | $40,282 |
| 13 | $272,738 | $227,458 | $45,280 |
| 14 | $263,652 | $213,039 | $50,613 |
| 15 | $253,957 | $197,652 | $56,305 |
| 16 | $243,613 | $181,232 | $62,380 |
| 17 | $232,576 | $163,712 | $68,864 |
| 18 | $220,800 | $145,017 | $75,783 |
| 19 | $208,235 | $125,067 | $83,168 |
| 20 | $194,828 | $103,780 | $91,049 |
| 21 | $180,524 | $81,064 | $99,460 |
| 22 | $165,262 | $56,826 | $108,437 |
| 23 | $148,978 | $30,961 | $118,017 |
| 24 | $131,603 | $3,362 | $128,241 |
| 25 | $113,065 | $0 | $113,065 |
| 26 | $93,285 | $0 | $93,285 |
| 27 | $72,180 | $0 | $72,180 |
| 28 | $49,662 | $0 | $49,662 |
| 29 | $25,635 | $0 | $25,635 |
Why Biweekly Works
A year has 52 weeks, so paying half your monthly payment every two weeks adds up to 26 half-payments, the same as 13 monthly payments instead of 12. The extra payment each year goes to principal, which shortens the loan by several years. Paying more often also trims interest slightly, because the balance falls sooner.
The Formulas
Biweekly payment = monthly payment ÷ 2
26 payments a year = 13 monthly payments
Interest each period = balance × rate ÷ 26
Some servicers hold half-payments until a full payment is collected, which reduces the interest savings slightly.
Setting It Up
- •Ask your servicer whether it applies biweekly payments right away
- •Avoid paid biweekly programs; their fees can wipe out the savings
- •Paying 1/12 extra each month gets almost the same result
- •Make sure extra money goes to principal, not future payments
- •Keep an emergency fund before prepaying your mortgage