Biweekly Mortgage Calculator
See how biweekly mortgage payments save interest and pay off your mortgage years early.
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Frequently Asked Questions
How do biweekly mortgage payments work?
Instead of 12 monthly payments, you make 26 half-payments per year. Since 26 half-payments equal 13 full monthly payments (not 12), you make one extra payment per year. On a 30-year $350,000 mortgage at 6.875%, this saves approximately $80,000-$100,000 in interest and pays off the loan 5-6 years early. The savings compound because you reduce principal faster.
How do I set up biweekly mortgage payments?
Three options: (1) Ask your lender or servicer directly — many offer official biweekly programs, sometimes for a fee. (2) Set up automatic biweekly transfers from your bank to a separate account, then manually pay monthly. (3) Simply divide your monthly payment by 12 and add that amount to each monthly payment as extra principal — same math, no biweekly logistics needed.
Are biweekly payment programs worth the fees?
Third-party biweekly programs that charge setup fees ($300-$400) and transaction fees ($5-$10 per payment) are generally not worth it. You get the same benefit for free by adding 1/12 of your monthly payment as extra principal each month. If your lender charges no fees for biweekly enrollment, it can be a convenient way to automate the extra payment discipline.