Biweekly Mortgage Calculator
See how biweekly mortgage payments shorten your loan and reduce total interest compared with a standard monthly schedule.
Independently verified for accuracy
Calculator by Toolsloft ↗- Biweekly payment
- $948.10
- Monthly payment
- $1,896.20
- Interest paid biweekly
- $294,511.68
- Interest paid monthly
- $382,633.47
- Interest saved
- $88,121.79
- Months saved
- 70.15
This calculator shows how paying half your mortgage every two weeks pays the loan off early and cuts interest. Because there are 26 biweekly payments a year, you make the equivalent of one extra monthly payment annually without much strain.
How this is calculated
It computes the standard monthly payment, then simulates biweekly payments of half that amount, accruing interest each two-week period at the annual rate divided by 26. The interest and time saved are the difference between the biweekly and monthly schedules.
How to use
- Enter the loan amount.
- Enter the interest rate and term in years.
- Read the biweekly payment and the interest and time you save versus monthly.
Examples
- $300k at 6.5% for 30 yr:
saves $88,121.79 - $200k at 5% for 15 yr:
about 20 months earlier
FAQ
- Why does paying biweekly save money?
- Twenty-six biweekly payments equal 13 monthly payments a year instead of 12. That extra payment goes to principal, which shortens the loan and cuts the interest that would have accrued.
- Is a biweekly plan worth it?
- It can save substantial interest, but only if the lender applies the half-payments correctly and charges no setup fee. You can often get the same effect by adding one twelfth of a payment to each monthly payment.
- How is the time saved calculated?
- The tool simulates the biweekly schedule to payoff, converts the number of two-week periods into months, and subtracts that from the original term.