Biweekly Mortgage Calculator
Calculate savings from biweekly mortgage payments. Compare monthly vs biweekly payment schedules and payoff times.
How it works
Biweekly payments = half monthly payment every 2 weeks. You make 26 payments yearly (equivalent to 13 monthly payments), accelerating payoff.
Example
$2,000 monthly payment becomes $1,000 biweekly. 26 × $1,000 = $26,000 yearly vs $24,000 monthly payments - saves years and thousands in interest.
FAQ
How much can biweekly payments save?
Typically saves 4-6 years on a 30-year mortgage and 20-25% in total interest payments, depending on your interest rate.
Do all lenders allow biweekly payments?
Not all lenders offer biweekly programs. Some charge fees or require third-party services. Check with your lender about options and costs.
Can I simulate biweekly payments myself?
Yes! Make an extra principal payment equal to 1/12 of your monthly payment each month, or make one extra monthly payment per year.
Are there downsides to biweekly payments?
Reduced cash flow flexibility and potential setup fees. Ensure you can consistently make the higher payment frequency before committing.
What if I can't afford biweekly payments?
Consider making one extra monthly payment per year or adding small amounts to monthly principal to get similar benefits with more flexibility.