Biweekly Mortgage Calculator
Paying half the monthly amount every two weeks means 26 half-payments a year — the equivalent of 13 monthly payments instead of 12.
6 yr 1 mo paid off sooner
- Biweekly payment
- $973.89 every 2 weeks
- New payoff
- 23.9 years was 30.0 years
- Interest saved
- $95,854
26 half-payments a year equal 13 monthly payments — one extra per year.
How it works
The half-payment is applied at a biweekly interest rate until the balance is cleared, then the payoff time is converted back to months and compared with the standard schedule.
Frequently asked questions
How does paying biweekly pay off a mortgage faster?
Paying half the monthly payment every two weeks means 26 half-payments a year — the equivalent of 13 full monthly payments instead of 12. That extra payment goes entirely to principal, which is why a biweekly schedule finishes years earlier than monthly.
Is biweekly the same as paying extra each month?
The effect is similar — both add roughly one extra payment a year — but biweekly does it in smaller, more frequent chunks tied to a typical biweekly paycheck, which some borrowers find easier to budget than a single larger monthly addition.
Do I need my lender's permission to pay biweekly?
Some servicers offer a biweekly program directly; others don't accept partial payments and will hold the first half until the second arrives. Check with your servicer, or replicate the effect yourself by adding 1/12 of a payment to your regular monthly payment.
Are there fees for biweekly payment plans?
Bank- or servicer-run biweekly programs sometimes charge a setup or per-transaction fee. Making the equivalent extra payment yourself, with no third party involved, gets the same payoff benefit for free.