Biweekly Mortgage Calculator
Using biweekly payments can accelerate your mortgage payoff and save you thousands in interest. Use this biweekly mortgage calculator to compare a typical monthly payment schedule to an accelerated biweekly payment.
How the biweekly mortgage calculator works
It splits your monthly payment in half and applies it every two weeks. Because a year has 26 fortnights, you make 26 half-payments — equal to 13 full monthly payments instead of 12 — so one extra payment a year goes straight to principal.
Worked example: with loan amount of $300,000, interest rate of 6.50% and loan term (years) of 30, the biweekly mortgage calculator shows interest saved with biweekly payments of $88,122.
- Monthly payment
- $1,896.20
- Biweekly payment
- $948.10
- Biweekly payoff
- 24.2 yrs
- Interest (monthly plan)
- $382,633
The formula
Biweekly payment = monthly payment ÷ 2, applied at the biweekly rate (annual ÷ 26). The 26 half-payments equal 13 monthly payments per year, accelerating payoff.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the biweekly mortgage calculator
How do biweekly payments pay off a mortgage faster?
Twenty-six half-payments add up to thirteen monthly payments a year — one more than the twelve a standard schedule expects. That extra payment goes entirely to principal each year.
Is a biweekly plan better than just paying extra monthly?
Mathematically they are equivalent if the extra equals one payment a year. Biweekly simply automates the discipline. You can replicate it by adding 1⁄12 of a payment to each monthly bill.
Do all lenders accept biweekly payments?
Not all, and some charge a fee to set it up. Check whether your servicer applies the half-payments immediately or holds them — holding them removes the benefit.
Is the Biweekly Mortgage Calculator free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.