Calculate savings from switching to biweekly mortgage payments and pay off your loan years early
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A biweekly mortgage calculator is an essential tool for homeowners considering switching from monthly to biweekly mortgage payments. By making half of your monthly payment every two weeks, you'll make 26 half-payments per year, which equals 13 full payments instead of 12. Our biweekly mortgage calculator USA tool shows exactly how this strategy can help you pay off your mortgage years early and save thousands in interest.
The biweekly payment plan is one of the simplest yet most effective ways to accelerate your mortgage payoff without drastically changing your budget. Unlike refinancing or recasting, which may involve fees and qualification requirements, switching to biweekly payments typically requires no formal program or lender approval. Our mortgage biweekly plan calculator helps you understand the potential benefits before making any changes to your payment schedule.
Let's calculate the savings from switching to biweekly payments on a typical mortgage:
Based on these inputs, switching to biweekly payments would allow you to pay off your mortgage 4.3 years early, in July 2051 instead of October 2055. This strategy would save you $39,202.80 in interest over the life of the loan. Our biweekly payment calculator shows that this simple change can have a dramatic impact on your financial future without requiring a significant increase in your monthly budget.
Save tens of thousands in interest by reducing the principal balance faster through extra payments.
Pay off your mortgage 3-8 years earlier without significantly increasing your monthly budget.
Implement this strategy yourself without paying setup fees or enrolling in paid programs.
Easy to understand and implement without complex financial calculations or professional assistance.
A biweekly mortgage payment involves making half of your monthly payment every two weeks. Since there are 52 weeks in a year, you'll make 26 half-payments, which equals 13 full payments instead of the standard 12. This extra payment each year goes directly toward reducing your principal balance, accelerating your payoff timeline.
No, you can implement a biweekly payment plan yourself without enrolling in a formal program. Many lenders offer biweekly payment programs for a setup fee and monthly charges, but you can achieve the same benefits by simply dividing your monthly payment in half and making payments every two weeks on your own.
Most lenders will accept biweekly payments, but you should verify with your specific lender. Some lenders may apply the payments differently than expected or have specific requirements. Always confirm how extra payments will be applied to ensure they go toward principal reduction.
Both strategies can be equally effective. The biweekly approach provides a disciplined, automatic way to make extra payments, while extra monthly payments offer more flexibility. Our biweekly mortgage calculator and early payoff calculator can help you compare both approaches to see which works best for your financial situation.
The main potential downside is if your lender doesn't properly apply the payments or charges fees for biweekly payment programs. Additionally, if you prefer to invest extra money rather than pay down your mortgage, biweekly payments might not be the best use of your funds. Always evaluate your complete financial picture before making changes.