Biweekly Mortgage Calculator
Compare making standard monthly payments vs biweekly payments — and see exactly how much interest you save and how many years you cut off your mortgage.
SECTION A — LOAN DETAILS
SECTION B — TAXES & INSURANCE
How to Use
- 1Enter your loan amount, interest rate, and loan term — this calculator works for any fixed-rate mortgage regardless of loan type.
- 2Add your annual property tax and insurance to see your complete biweekly and monthly payment totals including all housing costs.
- 3Review the side-by-side panel showing exactly how much interest you save and how many years you cut off your loan by switching to biweekly payments.
- 4Download the PDF report to see the complete biweekly amortization schedule showing your balance, principal, and interest for every year.
Example Calculation
Monthly Payment
Biweekly Payment
Savings Impact
"Biweekly payments work by making 26 half-payments per year instead of 12 full payments — equivalent to one extra full monthly payment annually. On a $300,000 loan at 7%, that saves $103,387.92 in interest and pays off the loan over 6 years early."
Frequently Asked Questions
Q1: How do biweekly mortgage payments work?
A1: Instead of making 12 monthly payments per year, biweekly payments split each monthly payment in half and pay every two weeks. Since there are 52 weeks in a year, this creates 26 half-payments — equivalent to 13 full monthly payments. That one extra monthly payment per year goes entirely to principal, reducing your balance faster and cutting both the loan term and total interest paid.
Q2: How much does switching to biweekly save on a $300,000 mortgage?
A2: On a $300,000 loan at 7.0% for 30 years, switching to biweekly payments saves $103,387.92 in total interest and pays off the mortgage in 23.73 years instead of 30 — over 6 years earlier. The biweekly payment is just $997.95 (half of the $1,995.91 monthly payment), but the 26 annual payments add up to $25,946.80 versus $23,950.89 annually on the monthly plan.
Q3: What is the biweekly interest rate used in the calculation?
A3: The biweekly interest rate is calculated as the annual rate divided by 26 (the number of biweekly periods in a year). At 7.0% annually, the biweekly rate is 7.0% / 26 = 0.26923% per period. This is applied to the outstanding balance each biweekly period to determine the interest and principal split for that payment.
Q4: Can I set up biweekly payments with my lender?
A4: Many lenders offer biweekly payment programs, but some charge a setup fee or require enrollment. An alternative is to simply make one extra monthly principal payment per year on your own — this achieves nearly the same result without any program fees. Confirm with your lender that extra payments are applied directly to principal and that there is no prepayment penalty on your loan.
Q5: Is biweekly the same as making extra monthly payments?
A5: They are very similar but not identical. True biweekly payments apply principal every two weeks, which slightly reduces the balance more frequently than a single extra monthly payment. In practice the difference is small. The biweekly plan on a $300,000 loan at 7% saves $103,387.92 in interest, while simply adding one extra full monthly payment per year saves a comparable amount. Use the Extra Payment Calculator on this site to compare specific extra payment strategies.
This calculator provides estimates for informational purposes only. Actual savings and payoff dates depend on your specific loan terms and lender guidelines. Consult a licensed mortgage professional before making financial decisions.