Biweekly Mortgage Payment Calculator
See how much interest and time you save by switching to biweekly mortgage payments instead of monthly.
How Biweekly Mortgage Payments Work
A biweekly payment schedule means you make a half-payment every two weeks instead of one full payment per month. Since there are 52 weeks in a year, you make 26 half-payments — equivalent to 13 full monthly payments instead of 12. That extra payment goes entirely to principal.
On a $350,000 30-year mortgage at 6.8%, the monthly payment is $2,282. The biweekly payment is $1,141 every two weeks. The one extra annual payment of $2,282 reduces your principal faster each year, cutting your loan term by 4-6 years and saving $65,000-$85,000 in interest.
DIY Biweekly Without a Special Program
Some mortgage servicers charge fees to set up biweekly payment programs. You can achieve the identical result at no cost: simply add 1/12 of your monthly payment (about $190 in this example) to each monthly payment and mark it as additional principal. This achieves the same extra annual payment without paying setup fees.