Biweekly Mortgage Calculator
Compare monthly vs biweekly mortgage payments and see how much interest you can save by switching to biweekly payments. A biweekly payment plan can help you pay off your mortgage faster and save thousands in interest.
With monthly payments:
| Monthly payment | $0.00 |
|---|---|
| Total Interest | $0.00 |
| Average interest each month | $0.00 |
With biweekly payments:
| Biweekly payment | $0.00 |
|---|---|
| Total Interest | $0.00 |
| Average interest each biweekly period | $0.00 |
| Interest Savings | $0.00 |
|---|---|
| Time Saved | 0 years |
| Total Payments (Monthly) | $0.00 |
| Total Payments (Biweekly) | $0.00 |
About Biweekly Mortgage Payments
A biweekly mortgage payment plan involves making half of your monthly mortgage payment every two weeks. Since there are 52 weeks in a year, this results in 26 half-payments, or 13 full monthly payments, each year instead of the standard 12 payments.
How Biweekly Payments Save You Money
By making biweekly payments, you effectively make one extra monthly payment each year. This extra payment goes directly toward reducing your principal balance, which:
- Reduces the total interest you pay over the life of the loan
- Shortens the term of your mortgage
- Builds equity in your home faster
Example Calculation
For a $250,000 mortgage at 6.5% interest for 30 years:
- Monthly payments: $1,580.17 (total interest: $318,861.11)
- Biweekly payments: $790.09 (total interest: $263,813.42)
- Savings: $55,047.69 in interest and 4 years, 11 months off your loan term
Things to Consider
Before switching to biweekly payments:
- Check with your lender to see if they offer a biweekly payment option
- Some lenders charge fees to set up biweekly payments
- You can achieve similar results by making one extra monthly payment each year
- Ensure your budget can accommodate the slightly higher annual payment amount