Bi-weekly Mortgage Payment Calculator
See how one extra payment a year can accelerate your payoff.
Your Mortgage Details
Your Savings with Bi-weekly Payments
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Total Interest Saved
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Bi-weekly Payoff
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The Benefit of Bi-weekly Mortgage Payments
How Do Bi-weekly Payments Work?
A bi-weekly mortgage payment plan is a simple strategy to pay off your mortgage faster. Instead of making one full mortgage payment each month, you make a half-payment every two weeks. Since there are 52 weeks in a year, this results in 26 half-payments, which is equivalent to 13 full monthly payments. That one extra payment each year goes directly to your principal, which has a powerful effect. Our Bi-weekly Mortgage Payment Calculator shows you exactly how powerful this can be.
Why Use a Bi-weekly Mortgage Payment Calculator?
This calculator demonstrates the two major benefits of switching to a bi-weekly payment schedule:
- Save Thousands in Interest: By reducing your principal balance faster, you pay less interest over the life of the loan. The calculator will show you the exact dollar amount you can save.
- Pay Off Your Mortgage Years Sooner: That single extra payment each year can shave several years off your loan term, helping you build equity and achieve financial freedom faster.
Frequently Asked Questions
Can I set this up myself or do I need a special program?
You can achieve the same result yourself without paying for a third-party service. Simply calculate your standard monthly payment, divide it by 12, and add that amount to your mortgage payment each month. Make sure to specify that the extra amount is to be applied to the principal. Our Bi-weekly Mortgage Payment Calculator effectively models this “one extra payment per year” strategy.
Is a bi-weekly plan the same as making two payments a month?
No, and this is a key difference. Making two half-payments per month (on the 1st and 15th, for example) just adds up to one full payment. A true bi-weekly plan involves 26 payments per year, which is what creates the extra payment and the savings.