Biweekly Mortgage Calculator
See how switching from monthly to biweekly payments can save you thousands in interest and shave years off your mortgage.
Balance Comparison Over Time
| Year | Monthly Balance | Biweekly Balance | Difference |
|---|---|---|---|
| Year 5 | $262,111 | $251,639 | $10,471 |
| Year 10 | $237,373 | $212,403 | $24,970 |
| Year 15 | $203,166 | $158,121 | $45,044 |
| Year 20 | $155,863 | $83,024 | $72,839 |
| Year 25 | $90,452 | $0 | $90,452 |
| Year 30 | $0 | $0 | $0 |
How Biweekly Mortgage Payments Work
With a standard mortgage, you make 12 monthly payments per year. A biweekly mortgage payment plan splits your monthly payment in half and pays that amount every two weeks. Since there are 52 weeks in a year, you end up making 26 half-payments — the equivalent of 13 full monthly payments instead of 12.
That one extra payment per year goes directly toward your principal balance. Over time, this accelerates your payoff because each subsequent payment accrues less interest. On a typical 30-year mortgage, biweekly payments can shave 4 to 6 years off your loan term and save tens of thousands of dollars in interest.
The math is straightforward: you are not paying more per paycheck — each biweekly payment is exactly half your monthly amount, so it fits naturally with a biweekly pay schedule. The savings come purely from the extra annual payment and from reducing your principal faster, which compounds over the life of the loan.
Biweekly payments make the most sense for borrowers who plan to stay in their home long-term. If you are likely to sell or refinance within a few years, the savings will be minimal. Also check with your servicer — some charge setup fees for biweekly plans. You can achieve the same result for free by simply making one extra monthly payment each year or adding 1/12 of your payment to each monthly check.