How to use this calculator
Enter your loan amount, interest rate, and loan term in years. The calculator compares your current monthly payment schedule against a biweekly payment plan, showing you exactly how much interest you save and how many years you shave off your mortgage.
The results display a side by side comparison of total interest paid, total amount paid, and payoff date for both the monthly and biweekly scenarios. You will also see a year by year amortization breakdown showing how your principal balance decreases faster under the biweekly plan.
Use this tool before calling your lender to discuss payment options. The dollar amount shown in the "interest saved" field represents real money you keep by making the switch. If your lender charges a fee for biweekly processing, compare that fee against the projected savings to determine whether the switch is worthwhile or whether adding extra to your monthly payment achieves the same result for free.
How biweekly payments work
With biweekly payments, you pay half your monthly mortgage amount every two weeks. Because there are 52 weeks in a year, you make 26 half payments, which equals 13 full monthly payments instead of the usual 12. That one extra payment per year goes entirely toward your principal balance.
This accelerates your payoff because reducing principal faster means less interest accrues each period. Over the full life of a 30 year loan, this one simple change can save tens of thousands of dollars and take 4 to 6 years off your mortgage.
Frequently asked questions
How does biweekly save money?
You end up making 13 full payments per year instead of 12. That extra payment goes directly to principal, which reduces your balance faster and means less interest accrues over time. The savings compound year after year.
Can I just pay extra monthly instead?
Yes. Adding 1/12 of your monthly payment to each payment (or making one lump sum extra payment per year) produces nearly identical results. The key is making the equivalent of 13 payments annually.
Will my lender allow biweekly payments?
Not all lenders accept biweekly payments directly. Some use third party services that charge fees. Always check with your servicer first. If they don't offer it, just add extra to your monthly payment instead.
How much do I save on a 30 year mortgage?
On a $300,000 loan at 6.5%, biweekly payments save roughly $67,000 in interest and pay off the loan about 5 years early. Savings vary with your rate and balance, but the effect is always significant on long term loans.