Biweekly Mortgage Calculator
Calculate savings and payoff acceleration with biweekly mortgage payments
Mortgage Details
Total mortgage principal amount
Annual percentage rate (APR)
Loan term length in years
How often interest compounds
Additional Payment (Optional)
Additional amount added to each biweekly payment
Payment Comparison
Monthly Payment Schedule
Biweekly Payment Schedule
Savings with Biweekly Payments
How it works: Biweekly payments = Monthly payment ÷ 2. This results in 26 payments per year (equivalent to 13 monthly payments), accelerating payoff.
Extra payment impact: Additional $0 per biweekly payment further accelerates mortgage payoff.
Payment Analysis
Example Calculation
$300,000 Mortgage Example
Loan amount: $300,000
Interest rate: 6% annual
Term: 30 years
Monthly payment: $1,799
Biweekly payment: $899.50
Biweekly Payment Benefits
• Payoff time: 24.5 years (5.5 years faster)
• Interest savings: ~$75,000
• Total payments per year: 26 (vs. 12 monthly)
• Equivalent to 13 monthly payments annually
Payment Frequencies
Monthly
12 payments per year
Standard payment schedule
Semi-monthly
24 payments per year
Twice per month
Biweekly
26 payments per year
Every two weeks
Benefits
Pay off mortgage 5-7 years faster
Save tens of thousands in interest
Build equity faster
Align with biweekly paycheck schedule
Automatic acceleration without discipline
Understanding Biweekly Mortgage Payments
How Biweekly Payments Work
A biweekly mortgage payment schedule involves making payments every two weeks instead of monthly. Since there are 52 weeks in a year, you make 26 biweekly payments, which equals 13 monthly payments instead of the standard 12.
Why It Saves Money
- •More frequent payments reduce principal balance faster
- •Less interest accrues on lower principal balances
- •Equivalent to making one extra monthly payment per year
- •Compounds savings over the life of the loan
Calculation Formula
Biweekly Payment = Monthly Payment ÷ 2
Annual Payments = 26 (vs. 12 monthly)
Compounding Considerations
Monthly Compounding
Used in US and UK mortgages
Semi-annual Compounding
Common in Canadian mortgages