Biweekly Mortgage Payment Calculator
Example: Loan amount: 320000 $ · Interest rate (APR): 6.5 % · Loan term: 30 years
| Months to pay off (biweekly) | 290 |
| Interest saved | $93,073 |
| Years saved | 5.83 |
Worked example
On a $320,000 loan at 6.5% over 30 years, the standard payment is about $2,023 a month and total interest around $408,000. Paying biweekly is equivalent to adding one extra monthly payment a year, which clears the loan in roughly 25 years instead of 30 — about 5 years early — and saves on the order of $75,000 in interest, all from a payment schedule that feels nearly identical month to month.
Frequently asked questions
How do biweekly payments save money?
You make a half-payment every two weeks. Because a year has 26 two-week periods, you end up making 13 full monthly payments instead of 12, and that extra payment goes entirely to principal — shrinking the balance and the interest charged on it.
Do I need my lender to set this up?
Some servicers offer true biweekly plans, sometimes for a fee. You can replicate the benefit yourself for free by dividing your monthly payment by 12 and adding that amount to each monthly payment as extra principal. Confirm the extra is applied to principal.
Are there fees for biweekly programs?
Third-party biweekly services sometimes charge setup or per-payment fees that erode the savings. Before paying for one, consider simply making one extra payment a year or adding one-twelfth to each monthly payment, which costs nothing.
Is biweekly better than one lump extra payment?
The end result is similar — both add roughly one extra payment a year. Biweekly spreads it out automatically, which some people find easier to sustain, while a lump-sum extra payment gives you more flexibility to skip in a tight month.