Biweekly Mortgage Calculator
Paying half your mortgage every two weeks instead of the full amount once a month sneaks in an extra full payment every year (26 half-payments = 13 full payments). Over a 30-year loan that typically knocks 4-6 years off the term and saves tens of thousands in interest. Enter your loan, rate and term and the calculator shows the exact break in years, dollars and amortization schedules side by side.
How biweekly mortgage payments save interest
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1
Enter loan amount and rate
Use the current principal balance and the APR your lender quoted. Fixed-rate only — ARM comparisons need extra inputs.
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2
Enter the original term
15, 20, 25 or 30 years. This is the baseline the biweekly schedule compares against.
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3
Pick true biweekly or accelerated monthly
True biweekly applies a payment every 14 days. Accelerated divides monthly into 26 biweekly chunks — slightly different mechanics, similar savings.
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4
Read the comparison
Side-by-side payoff date, total interest paid and monthly cash flow impact. Switch the tab to see the year-by-year amortization for both schedules.
Example: $300,000 at 6.5% for 30 years
| Schedule | Payment | Payoff | Total interest |
|---|---|---|---|
| Monthly | $1,896.20 / month | 30 years 0 months | $382,633 |
| True biweekly | $948.10 every 2 weeks | ~25 years 8 months | $316,425 |
| Savings | same yearly total | 4 years 4 months | $66,208 |
Numbers vary with rate, term and starting balance — the calculator recomputes exactly for your inputs.
True biweekly vs “bimonthly” vs accelerated
- True biweekly: 26 half-payments per year, credited as received. Interest accrues on a shorter schedule so savings compound a bit more.
- Bimonthly (twice a month): 24 half-payments per year, same total as monthly. No payoff benefit.
- Accelerated monthly: you keep paying once a month but add 1/12 of a full payment each time. Same payoff date as true biweekly, simpler to set up if your lender does not offer biweekly.
Before you switch
- Ask about fees. Some servicers charge to set up a biweekly schedule. DIY the accelerated monthly route for free.
- Check prepayment penalties. Rare on US conforming loans but common on jumbo or older mortgages.
- Keep an emergency fund first. Extra principal is locked up — you can’t pull it back out without a refi or HELOC.
- Compare to investing the difference. If your mortgage rate is below long-term equity returns, a taxable brokerage may net more wealth than prepaying.
Frequently Asked Questions
Most will not split a payment and apply half early — they hold it until the full amount arrives. If that is the case, use accelerated monthly (pay an extra 1/12 each month) for the same effect.
No. As long as each scheduled full payment lands before the grace period ends, credit reporting is unaffected. Biweekly payers typically show as “paid as agreed” every month.
On a 30-year fixed, typical savings are 15-25% of the original total interest. Exact amount depends on rate and term — the tool computes it to the dollar for your loan.
Yes. You can revert to monthly at any time; you only owe the remaining principal on the usual schedule. Any extra you already paid has permanently reduced the balance.
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