Switching from monthly to biweekly mortgage payments is one of the simplest ways to pay off your loan faster and save on interest (without refinancing). Our biweekly mortgage calculator shows exactly how much you'd save in interest, how many years you'd cut from your loan term, and how your amortization schedule changes compared to standard monthly payments.
Biweekly Mortgage Calculator
See how biweekly payments can pay off your loan years early and save thousands in interest.
Annual totals based on 26 biweekly payments per year. The final year reflects partial payments when the loan is paid off ahead of the original term.
How biweekly payments work
The math is straightforward. Instead of making 12 monthly payments per year, you make 26 biweekly payments, or the equivalent of 13 monthly payments annually. That extra month of principal paid each year is what drives the savings. On a typical 30-year mortgage, the result can be nearly 6 years shaved off the loan term and tens of thousands of dollars in interest saved.
Important biweekly mortgage terms to know
Biweekly payment: Half of your standard monthly payment, made every two weeks. Because there are 52 weeks in a year, this results in 26 half-payments (or 13 full payments) rather than the standard 12.
Extra annual payment: The core mechanism behind biweekly savings. One additional full payment applied to principal each year accelerates payoff and reduces the balance on which interest accrues.
Interest saved: The difference in total interest paid between a standard monthly schedule and a biweekly schedule over the life of the loan. On a $364,800 loan at 6.22%, for example, biweekly payments save nearly $98,000 in interest compared to monthly payments.
Years saved: How much earlier your loan pays off under a biweekly schedule vs. the original term. For most 30-year loans, the term is 4–6 years.
Biweekly payoff: Your new projected payoff date based on the biweekly schedule, shorter than your original loan term by however many years you save.
PMI: If your down payment is less than 20%, private mortgage insurance applies and is factored into your monthly cost. Paying down principal faster through biweekly payments can also help you reach the 20% equity threshold — and cancel PMI — sooner.
One thing to check with your lender
Not all lenders apply biweekly payments as the math dictates. Some hold the payment until the full monthly amount is received, then apply it once a month, which eliminates the interest-saving benefit entirely. Before switching, confirm with your lender that biweekly payments are applied to principal immediately upon receipt.
How to get help with your mortgage
If you're looking to pay off your loan faster, biweekly payments are one option, but refinancing to a shorter term or lower rate may save you even more depending on your situation. A mortgage professional can help you compare strategies.
Best Interest Financial can help you find the right approach. With decades of experience and over $1 billion in closed loans, their team can walk you through your options and find the solution that best fits your goals. Talk with a Best Interest loan officer today.