Biweekly Mortgage Calculator: Interest Saved and Years Cut
Enter your loan, rate and term to see the monthly and biweekly schedules side by side: the payment, the number of payments, total interest and how much sooner the loan is paid off.
A biweekly mortgage plan pays half the monthly payment every two weeks. A year has 52 weeks, so that is 26 half payments, the same as 13 monthly payments instead of 12, and the extra payment goes to principal. On a $300,000 loan at 6.5% for 30 years, $948.10 every two weeks instead of $1,896.20 a month saves $88,123.26 in interest and pays the loan off 70 months sooner.
This page compares payment schedules for general education. It is not financial advice and not your lender's amortization schedule. It covers principal and interest on a fixed-rate loan only, assumes each half payment is applied when you make it, and leaves out escrow, fees and any prepayment rules in your loan. Your servicer's statement is the final figure. Ask your servicer before changing how you pay.
Interest saved by paying biweekly
$88,123.26
Paid off 5 years 10 months sooner, in 24 years 2 months instead of 30 years.
| Monthly | Biweekly | |
|---|---|---|
| Payment | $1,896.20 | $948.10 |
| Payments a year | 12 | 26 |
| Number of payments | 360 | 628 |
| Final payment | $1,900.91 | $54.75 |
| Total interest | $382,636.71 | $294,513.45 |
| Total paid | $682,636.71 | $594,513.45 |
Assumes each half payment is applied the day it is paid. A plan that holds the halves and applies them once a month saves less.
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About the Biweekly Mortgage Calculator
Most of the saving comes from the thirteenth payment, not from paying more often. Paying $948.10 every two weeks puts 13 full payments a year toward the loan instead of 12, and that extra payment cuts principal early, when it has the most interest left to save. A small part comes from the timing: each half payment lowers the balance two weeks sooner, so the next period's interest is figured on a smaller amount. This calculator runs both schedules period by period using the actuarial method, the same method Regulation Z Appendix J sets out for computing an annual percentage rate: at the end of each period the balance grows by that period's interest, at the annual rate divided by 12 for monthly or by 26 for two-week periods, and then falls by the payment. It assumes each half payment is applied the day it arrives. Some plans hold the halves and apply them once a month, and some charge a setup or per-payment fee, which can eat into the saving, so ask your servicer how the money is applied before you sign up. Taxes and insurance paid through escrow are left out because they do not change the interest.
Frequently asked questions
Is a biweekly plan better than adding one extra payment a year?+
The two come out close. Both put one extra monthly payment a year toward principal, and paying biweekly saves a little more because each half payment lands sooner. Dividing your monthly payment by 12 and adding that amount every month gets most of the same saving with no change in schedule.
Why does it say 70 months sooner, not exactly six years?+
The page shows that as 5 years 10 months. On $300,000 at 6.5% over 30 years the biweekly schedule takes 628 payments, about 290 months, against 360 monthly payments, so the loan ends 70 months sooner. A different rate or term gives a different figure.
Does biweekly mean the same as twice a month?+
No. Twice a month is 24 payments a year, which adds up to exactly 12 monthly payments, so there is no extra payment; any saving comes only from paying a little sooner. Every two weeks is 26 payments a year, and the two extra half payments are where most of the saving comes from.
Can I use this on a loan I already have?+
Yes. Enter today's balance as the loan amount, your rate, and the years left on the loan, rounded to a whole year. The monthly payment is recalculated from those inputs, not taken from your statement, so treat the saving as an estimate.
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