Bi-Weekly Payment Calculator

With biweekly payments, you pay half your monthly mortgage payment every two weeks instead of one full payment monthly. Because there are 52 weeks in a year, you make 26 half-payments, which equals 13 full monthly payments per year — one extra payment annually. This extra payment goes entirely toward principal, reducing your balance faster.

On a $300,000, 30-year mortgage at 7%, biweekly payments save approximately $59,000 in interest and cut about 5 years off the loan. The savings come from making one extra payment per year, which permanently reduces the principal balance your interest is calculated on.

Biweekly payments typically save 4-6 years on a 30-year mortgage, depending on your interest rate. Higher interest rates result in more years saved because the extra principal payments prevent more interest from accruing. Use our calculator to see the exact timeline for your loan.

Many lenders offer biweekly payment programs, though some charge a setup fee. You can also set up biweekly payments yourself by dividing your monthly payment by 2 and scheduling automatic transfers every two weeks. Contact your lender to ask about their biweekly payment options and any associated fees.

Regular biweekly pays half your monthly payment every two weeks (equivalent to 13 monthly payments/year). Accelerated biweekly takes your monthly payment and divides it by 26, which is slightly higher than half a monthly payment, resulting in even more savings. Both strategies result in one extra payment per year.

Yes, significantly. By making one extra payment per year, you reduce the principal balance faster, which means less interest accrues on each subsequent payment. The compounding effect saves thousands in total interest and shortens your loan term by several years.