Biweekly mortgage calculator
Paying half your monthly payment every two weeks makes 26 payments a year, which equals 13 monthly payments instead of 12. Enter the loan, rate and term to see how much sooner it is paid off and how much interest you save.
Runs in your browser: nothing you enter is sent anywhere.
How to use it
- Enter the loan amount, annual interest rate and term.
- Read the interest and time saved against the monthly plan.
How it works
- Monthly payment = loan × r ÷ (1 − (1 + r)^−n) with r = rate ÷ 12 and n months.
- Biweekly payment = monthly payment ÷ 2, paid every two weeks (26 a year); interest per period = rate ÷ 26.
- Each period: interest = balance × rate ÷ 26, then the payment is subtracted, until the balance is zero.
Worked example
A 200,000 loan at 6% over 30 years: monthly payment 1,199.10, total interest about 231,676. Biweekly payments of 599.55 finish after about 638 payments, around 24.5 years, cutting the term by roughly 5.5 years and saving tens of thousands in interest.
Tips
- Confirm how your lender applies biweekly payments before switching.
- Extra principal payments have a similar effect without any plan.
- Results are estimates, not financial advice.
Frequently asked questions
Why does biweekly pay the loan off faster?
There are 52 weeks in a year, so 26 half payments are made. That equals 13 full monthly payments, one more than the 12 in the monthly plan, and the extra goes to principal.
How is it calculated?
The monthly payment is the standard level payment. The biweekly payment is half of it, with interest at the annual rate ÷ 26 on each period. The balance is stepped forward until it reaches zero.
Will my lender do this?
Not all lenders accept payments every two weeks; some hold the money until a full monthly amount is received, which removes much of the gain. Some charge a fee for enrolment. Ask yours, and compare with simply adding one extra monthly payment a year.
Is the saving guaranteed?
No. It assumes a fixed rate, no fees and payments applied the day they are made. Real schedules can differ.
Is this financial advice?
No. It is an estimate from the numbers you enter.