Biweekly Mortgage Calculator

You can use our biweekly mortgage calculator to estimate how much money and interest you can save as well as how much faster you’ll pay off your loan by making biweekly mortgage payments.

Bi-weekly Mortgage Payment Calculator

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Bi-weekly Mortgage vs Monthly Payments

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How Biweekly Mortgage Payments Work

Biweekly mortgage payments are a payment method used by homeowners who want to pay down their mortgage faster. With biweekly mortgage payments, borrowers pay back their loans more quickly and pay less in interest over the loan's life. The way it works is by making biweekly payments that the borrower agrees to make payments every other week, or 26 times a year. By making biweekly payments, you are effectively paying 13 months a year instead of the 12 you would with a traditional mortgage payment. 

Biweekly payments are usually about half of the required monthly payment. So, if you're mortgage is $1,000 per month, you can generally opt to pay around $500 biweekly instead. It all depends on the terms of the loan and the conditions the lender offers, but that's what is typical.

Many borrowers make the mistake of thinking that biweekly means they pay twice per month. But there are 26 weeks in a year, not 24. That means that by paying biweekly the borrower is paying the equivalent of 13 months over the courses of 12. As a result, the principal is paid down quicker, and the borrower saves money in interest over the life of the loan.

How Much Faster do you Pay Off a Mortgage With Biweekly Payments?

It depends on your loan terms, but you can often shave a few years off your mortgage and save thousands of dollars on interest by making biweekly payments. Let's look at an example. Say you take out a $100,000, 30 yr. fixed-rate loan at 5% APR. You could choose to pay $537 monthly or $268 biweekly. On a monthly schedule, you'd be paying $6,444 per year, whereas on a biweekly schedule, you'd be paying $6,968 per year.

The difference may seem negligible, but it means the principal is being reduced faster, reducing the interest owed. If you continue on this schedule, you'd pay $93,256 in total interest on a monthly schedule vs $76,092 on a biweekly schedule. Plus, on a monthly schedule, the loan would take the full 30 years to mature, whereas making biweekly payments, it would mature in about 25 years and 3 months. Meaning you could save $17,164 in interest and shave just under five years off the loan's term by making biweekly mortgage payments.

Are Biweekly Mortgage Payments a Good Idea? 

Yes, biweekly mortgage payments are a good idea if you can afford them. A few hundred dollars extra per year could potentially save you thousands in the long run and allow you to own your home debt-free much sooner.

To most borrowers, the difference in the short term is minimal, but the long-term benefits of making biweekly payments can be staggering. It all depends on your financial situation – if you believe that extra income could be better spent elsewhere, and you're not concerned with paying off your mortgage sooner rather than later, it makes sense to stick with a monthly schedule. But, if you have the extra income and you want to spend it on something practical, making the switch from a monthly to a bimonthly schedule is a smart decision.