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Biweekly mortgage calculator
Half a payment every two weeks adds up to one extra payment a year. Here's what that does to your loan, and a free way to get the same result.
| Plan | Payoff | Interest | Saved |
|---|---|---|---|
| Monthly (12 payments a year) $1,896.20 / month | 30 yrs | $382,633 | $0 |
| Biweekly (26 half-payments) $948.10 every 2 weeks | 24 yrs 2 mo | $294,512 | $88,122 |
| Monthly + 1/12 extra $2,054.22 / month | 24 yrs 2 mo | $295,377 | $87,256 |
Biweekly vs one extra payment a year
Biweekly saves slightly more than a single extra payment in December because each half-payment lands sooner, but the difference is small. Adding one-twelfth of your payment every month gets almost exactly the biweekly result, with no enrollment and no timing risk.
Before enrolling in a lender's biweekly plan, ask whether it applies each half-payment when received or holds it until the full payment is due, and whether there is any fee. The Consumer Financial Protection Bureau has warned about biweekly programs whose fees wipe out most of the benefit.
For other schedules (a quarterly bonus, a lump sum), use the mortgage payoff calculator.
Questions people ask
How does a biweekly mortgage payment work?
You pay half your monthly payment every two weeks. There are 52 weeks in a year, so that is 26 half-payments, or 13 full payments instead of 12. The extra payment goes to principal and shortens the loan.
How much faster does biweekly pay off a 30-year mortgage?
At typical rates, roughly four to six years sooner, depending on your rate. The table above calculates it for your loan.
Is a biweekly payment program worth the fee?
Usually not. Some third-party programs charge setup or per-payment fees and just hold your money until the monthly due date. You get the same result for free by adding 1/12 of a payment to each monthly payment, or making one extra payment a year.
What is one extra mortgage payment a year worth?
On a $300,000, 30-year loan at 6.5%, one extra full payment each year cuts about five and a half years and roughly $84,000 of interest. It's the same idea as biweekly, spread differently.