Biweekly Payment Calculator
Paying every two weeks instead of monthly adds one extra payment per year — and saves you thousands.
Interest Saved with Biweekly
$93,073
Pay off 5 yr 10 mo earlier
How It Works
💡 Plain English: Instead of paying $2,022.62/month (12 payments), you pay $1,011.31every two weeks (26 payments). That adds up to one extra monthly payment per year — automatically. Result: you pay off your loan 70 months earlier and save $93,073 in interest. Check with your lender — some charge a fee for biweekly programs.
About the Biweekly Payment Calculator
With a biweekly payment plan, you pay half your monthly mortgage payment every two weeks instead of once a month. Because there are 52 weeks in a year, you end up making one extra full payment each year — quietly shortening your loan and cutting interest.
How this calculator works
Enter your loan amount, interest rate, and term. The calculator compares a standard monthly payment schedule to a biweekly one and shows how many years and how much interest you save.
The math, in plain English
Biweekly payments = monthly payment ÷ 2, made every two weeks (26 half-payments = 13 full payments per year). The extra payment each year is applied to principal, accelerating payoff.
Key terms
- •Biweekly — every two weeks (26 payments per year)
- •Extra payment effect — one additional full payment applied to principal annually
- •Amortization acceleration — paying the loan off faster than the original schedule
Tips & things to know
- ✓You can usually set this up yourself with your lender — avoid paid third-party biweekly services.
- ✓Make sure extra payments are applied to principal, not held for the next month.
- ✓Biweekly payments align well with biweekly paychecks for easier budgeting.
Frequently asked questions
Does biweekly really save money?+
Yes — the extra payment each year reduces principal faster, which shortens the loan and lowers total interest.
Is biweekly the same as paying half monthly?+
No. Paying twice a month is 24 half-payments (12 full). Biweekly is 26 half-payments (13 full), which is where the savings come from.
This calculator is for educational purposes only and uses estimates. Always consult a licensed mortgage professional for advice specific to your situation.