Finance
Biweekly Mortgage Calculator
Compare biweekly versus monthly mortgage payments. See how paying half your mortgage every 14 days shortens your loan and cuts total interest.
Loan and payment plan
Monthly plan
Monthly payment
$1,798.65
- Total paid
- $647,515
- Total interest
- $347,515
- Payoff time
- 30 years
Biweekly plan
Biweekly payment
$899.33
- Total paid
- $573,079
- Total interest
- $273,079
- Payoff time
- 24 years, 6 months
Interest saved
$74,436
Time saved
5 years, 6 months
Equivalent extra monthly
$149.89
vs standard monthly payment
Year-by-year balance (biweekly plan)
| Year | Remaining balance |
|---|---|
| 1 | $294,459 |
| 2 | $288,577 |
| 3 | $282,330 |
| 4 | $275,698 |
| 5 | $268,657 |
| 6 | $261,180 |
| 7 | $253,242 |
| 8 | $244,813 |
| 9 | $235,864 |
| 10 | $226,362 |
| 11 | $216,274 |
| 12 | $205,562 |
| 13 | $194,188 |
| 14 | $182,113 |
| 15 | $169,291 |
| 16 | $155,677 |
| 17 | $141,223 |
| 18 | $125,875 |
| 19 | $109,580 |
| 20 | $92,279 |
| 21 | $73,909 |
| 22 | $54,404 |
| 23 | $33,694 |
| 24 | $11,706 |
| 25 | $0 |
Frequently Asked Questions about the Biweekly Mortgage Calculator
How does a biweekly mortgage actually save money?
You pay half your monthly mortgage every 14 days, which works out to 26 half payments per year. That equals 13 monthly payments instead of 12, so you make one extra payment per year. The extra goes straight to principal, which shrinks the balance faster and cuts the interest you owe over the life of the loan.
How much can I save on a 30-year mortgage at 6%?
On a $300,000 loan at 6% APR over 30 years, the standard monthly plan costs about $347,500 in interest. Switching to a true biweekly schedule pays the loan off in roughly 24 to 25 years and saves around $74,000 in interest. The exact savings depend on your loan amount, rate, and term.
Does my lender actually accept biweekly payments?
Most US lenders do not apply biweekly payments to principal as they arrive. Many hold each half payment in a suspense account and only credit your loan once the full monthly payment is collected, which gives you zero benefit. The simplest workaround is to add one twelfth of your monthly payment to each monthly check. That mimics the biweekly schedule without depending on lender cooperation.
Is paying biweekly the same as making one extra payment per year?
It is mathematically equivalent. A biweekly schedule sends an extra one twelfth of your monthly payment to principal every month, which adds up to one full extra payment over 12 months. The calculator shows this directly in the equivalent extra monthly field, so you can compare a true biweekly setup against a simple monthly overpayment.
Are there fees for setting up a biweekly mortgage plan?
Some banks and third-party services charge enrollment fees or monthly fees to manage a biweekly plan. Those fees often eat into or wipe out the interest savings. Before signing up, ask the lender exactly how each payment is credited and what the fees total over the life of the loan. You can usually get the same result for free by adding extra principal yourself.