Biweekly Mortgage Savings Calculator
See how much money and time you can save by switching from monthly to biweekly mortgage payments.
Biweekly vs. Monthly Savings
Biweekly mortgage payments mean paying half your monthly payment every two weeks instead of the full amount once a month.
Why it works: There are 52 weeks in a year, so biweekly = 26 half-payments = 13 full payments per year (instead of 12).
Extra annual payment = Monthly Payment × 1
That one extra payment per year goes entirely toward principal, which:
- Reduces total interest paid
- Shortens your loan term by 4-6 years on a 30-year mortgage
Example: $300,000 mortgage at 6.5% for 30 years:
- Monthly payment: ~$1,896
- Biweekly: ~$948 every 2 weeks
- Savings: ~$80,000+ in interest
- Payoff: ~25 years instead of 30
Tip: Some lenders charge fees for biweekly programs. You can get the same effect by making one extra payment per year toward principal.