Biweekly Mortgage Calculator

Category: Mortgage and Real Estate
- April 23, 2025
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Calculate how much you can save by making biweekly mortgage payments instead of monthly payments. Making payments every two weeks results in 26 half-payments per year (equivalent to 13 monthly payments), helping you pay off your mortgage faster and save on interest.

Loan Details

$
%
years

Payment Options

Accelerated biweekly = exactly half of your monthly payment, paid every two weeks
$
Additional amount to add to each payment

Advanced Options

About Biweekly Mortgage Payments

Biweekly mortgage payments involve making half of your monthly mortgage payment every two weeks instead of a full payment once a month. This strategy creates significant benefits for homeowners looking to save money and pay off their mortgage faster.

Why Biweekly Payments Work
  • Extra Annual Payment: With biweekly payments, you make 26 half-payments per year (equivalent to 13 monthly payments) instead of 12 monthly payments.
  • Principal Reduction: The extra payment goes directly toward your principal balance, reducing the loan term and total interest paid.
  • Alignment with Income: For those paid biweekly, this payment schedule can better align with your income pattern.
  • Compound Interest: Making more frequent payments reduces the average daily balance of your loan, which means less interest accrues over time.
Types of Biweekly Payment Options
  • Standard Biweekly: Simply divide your monthly payment by 2 and pay that amount every two weeks.
  • Accelerated Biweekly: Take your full monthly payment, divide by 2, and pay that amount every two weeks. This creates a slightly higher payment than the standard biweekly option.
  • Do-It-Yourself Method: Make your regular monthly payment, then make an additional principal-only payment each month equal to 1/12 of your monthly payment.
Important Considerations
  • Check with your lender to ensure they accept biweekly payments and properly apply the extra payments to principal.
  • Be wary of third-party services that charge fees to manage biweekly payments for you.
  • Make sure your loan doesn't have prepayment penalties before adopting this strategy.
  • Some lenders may hold the first half-payment until they receive the second half, which reduces the interest-saving benefit.

Understanding the Biweekly Mortgage Calculator

The Biweekly Mortgage Calculator is a helpful home financing planner that shows how switching to biweekly mortgage payments can reduce interest costs and help you pay off your loan faster. Whether you're buying a home or looking to restructure your current mortgage, this tool provides a clear monthly mortgage breakdown to compare different repayment plans.

What Does It Calculate?

This calculator compares traditional monthly payments with biweekly payment options. It helps you estimate:

  • Total interest saved over the life of the loan
  • How much earlier you can pay off your mortgage
  • Your adjusted mortgage payoff date
  • The difference in monthly vs. biweekly payment amounts

Why Biweekly Payments Matter

Instead of making one full mortgage payment each month, biweekly payments involve paying half the monthly amount every two weeks. This results in 26 half-payments (13 full payments) per year—one more than the standard 12. That additional payment each year goes straight toward reducing your principal balance, which shortens your loan term and cuts down your interest costs.

Monthly Mortgage Payment Formula:
\( M = P \cdot \frac{r(1 + r)^n}{(1 + r)^n - 1} \)
Where:
  • M = monthly payment
  • P = loan principal
  • r = monthly interest rate (annual rate ÷ 12)
  • n = total number of payments (loan term × 12)

How to Use the Calculator

  1. Enter Loan Details: Input the loan amount, interest rate, term (in years), and start date.
  2. Select Payment Frequency: Choose between monthly, standard biweekly, or accelerated biweekly payments.
  3. Optional Extras: Add extra payments if you plan to contribute more each period, and select options like rounding up payments or comparing scenarios.
  4. Click "Calculate Savings": Instantly see your total savings, time saved, new payoff date, and a full amortization schedule.

Who Can Benefit from This Tool?

This mortgage payment guide is useful for:

  • New homebuyers using a home loan estimate to plan their budget
  • Current homeowners considering a switch to a more efficient debt repayment plan
  • Anyone curious about the impact of extra mortgage payments
  • People paid biweekly looking for payment schedules that align with income

Amortization Schedule Insights

One key feature is the loan amortization breakdown. It shows each payment’s split between interest and principal, helping you understand how your balance changes over time. This gives you visibility into your loan payoff schedule and helps with long-term financial planning.

Frequently Asked Questions (FAQ)

Is biweekly payment the same as making two payments per month?

No. Biweekly payments are made every two weeks, resulting in 26 payments per year. This equals 13 full payments annually—one more than paying twice a month (which results in only 24 payments).

What is the difference between standard and accelerated biweekly payments?

Standard biweekly is simply half your monthly payment made every two weeks. Accelerated biweekly means you take your monthly payment, divide it by two, and pay that amount biweekly—resulting in an extra full payment per year.

Will my lender accept biweekly payments?

Some do, some don’t. Check with your lender to see if they support this payment structure and how they apply your extra payments.