Biweekly Payment Calculator
What is a Biweekly Payment Calculator?
Most mortgages are paid once a month. A biweekly plan splits that payment in half and pays every two weeks - 26 half-payments a year, which equals 13 full payments instead of 12. That single extra payment each year goes straight to principal.
This biweekly payment calculator shows your regular monthly payment, the equivalent biweekly amount, and the payoff impact: how many years early you finish the loan and how much total interest you save. The results can be dramatic - on a 30-year mortgage it often cuts 4 to 6 years and tens of thousands of dollars in interest.
Frequently Asked Questions
How do biweekly payments save interest?
You make 13 full payments per year instead of 12, and the extra payment applies directly to principal. Lowering the principal faster means less balance accrues interest, so the loan is paid off years earlier and total interest drops.
Is a biweekly plan right for everyone?
It works well if your budget can handle the slightly higher monthly cash flow (about one extra half-payment every month on average). If the payment is a struggle, a regular monthly plan with an occasional extra payment saves nearly the same interest.
Do banks charge extra for biweekly programs?
Some third-party biweekly services charge setup and processing fees, sometimes hundreds of dollars. You can avoid these by making your own 13th monthly payment per year directly to the lender - the effect is the same with no fee.