Biweekly Mortgage Calculator
A biweekly plan pays half the monthly amount every two weeks. That makes 26 half payments a year, which is one extra monthly payment. This page shows how much sooner the loan ends and how much interest that saves.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Each biweekly payment is half the monthly payment. The number of biweekly payments comes from the standard loan formula at the rate for each two weeks. The total paid on the monthly plan is the monthly payment times the months, and on the biweekly plan it is the half payment times the number of payments.
Some lenders charge a fee for biweekly plans, and some do not offer them. Ask before you sign up.
Worked example
A loan of $300,000.00 at 6.5% over 30 years is $1,896.20 a month. Paying half of that every two weeks ends it after 628 payments, about 5.8 years. The interest saved is $87,225.39.
Questions
Why does it pay off sooner?
You make 26 half payments a year, which equals 13 full monthly payments. The extra payment goes straight to the balance.
Can I do this without a special plan?
Yes. Adding one extra payment a year, or a little each month, has a similar effect.
Does this include tax and insurance?
No. It covers principal and interest only.
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