Do all lenders allow biweekly payments?

No. Some servicers forbid or charge for biweekly drafts. Confirm your options and any fees first.

Will my lender apply payments immediately?

Ask. If they hold two half-payments and post once monthly, you lose most of the benefit. True biweekly requires applying each draft on arrival.

Does this include taxes and insurance?

No. This models principal and interest only. Escrow items usually remain monthly.

Can I mimic this without biweekly drafts?

Yes—make one extra full payment per year or add 1/12th of your payment as principal each month to approximate the same savings.

Are there setup fees?

Some third-party biweekly services charge. If so, compare the fee to the interest you’ll save to see if it’s worth it.

finance calculator

Biweekly Mortgage Calculator

See how switching from monthly to biweekly mortgage payments shortens your payoff time and cuts total interest.

Results

Monthly payment (P&I): $1,896
Biweekly payment (P&I): $948
Biweekly payoff time (years): 24.15
Months saved vs monthly: 70.15
Total interest (monthly schedule): $382,633
Total interest (biweekly): $294,512
Interest saved: $88,122

How to use this calculator

Enter your loan amount, interest rate, and term.
Review the standard monthly payment and lifetime interest.
See the biweekly payment amount (half the monthly) and how many years it takes to pay off.
Compare interest saved and months shaved off when using biweekly payments.

Inputs explained

Loan amount: Your current or planned mortgage principal.
Interest rate: Annual percentage rate on the mortgage.
Term: Original amortization length of the loan in years.

How it works

Monthly schedule uses the standard amortization formula with 12 payments/year. Biweekly uses half the monthly payment every two weeks (26 payments/year), which adds roughly one extra full payment annually and reduces interest as the balance drops faster.

We calculate total interest and payoff time for both schedules using your loan amount, APR, and term, then show months and interest saved by going biweekly.

Formula

Monthly payment = P × r_m(1+r_m)^n / [(1+r_m)^n − 1], where r_m = APR/12, n = term months.
Biweekly payment = Monthly payment ÷ 2, with interest each period at APR/26 over 26 periods/year.
Months saved = Term months − Biweekly payoff months.
Interest saved = Interest (monthly schedule) − Interest (biweekly schedule).

When to use it

Estimating savings before switching your servicer autopay to biweekly.
Comparing biweekly vs monthly to see if a third-party biweekly program fee is worth it.
Budgeting payoff speed for a refi vs keeping your current loan and paying biweekly.
Stress-testing cash flow with smaller, more frequent payments that align to paychecks.

Tips & cautions

Confirm your servicer actually applies biweekly drafts as they come in—some hold payments until month-end, which removes the benefit.
You can DIY the effect by making one extra monthly payment per year or adding 1/12th of your payment as principal each month.
Watch for setup fees from third-party biweekly services; they can eat into the savings.
Escrow (taxes/insurance) usually stays monthly—biweekly typically affects only principal and interest.
Assumes payments are applied immediately; some servicers only apply once per month.
Does not include escrow for taxes/insurance/PMI or lender fees.
Daily interest accrual nuances and odd-day interest at closing are not modeled.
Extra principal payments beyond the biweekly cadence are not included—add them manually by increasing the payment.

Worked examples

$300k loan, 6.5%, 30 years

Monthly P&I ≈ $1,896; total interest ≈ $382,633
Biweekly P&I ≈ $948; payoff ≈ 24.2 years
Interest ≈ $294,512; savings ≈ $88,122; months saved ≈ 70

$450k loan, 7.25%, 30 years

Monthly P&I ≈ $3,070; total interest ≈ $655,126
Biweekly P&I ≈ $1,535; payoff ≈ 23.5 years
Interest ≈ $487,674; savings ≈ $167,451; months saved ≈ 78

Deep dive

This biweekly mortgage calculator shows how half-payments every two weeks speed up amortization, cutting years off your term and reducing total interest compared to a standard monthly schedule.

Use it before enrolling in a biweekly plan or setting up your own extra payments to see payoff time and interest saved with your loan amount, APR, and term.

FAQs

Do all lenders allow biweekly payments?: No. Some servicers forbid or charge for biweekly drafts. Confirm your options and any fees first.
Will my lender apply payments immediately?: Ask. If they hold two half-payments and post once monthly, you lose most of the benefit. True biweekly requires applying each draft on arrival.
Does this include taxes and insurance?: No. This models principal and interest only. Escrow items usually remain monthly.
Can I mimic this without biweekly drafts?: Yes—make one extra full payment per year or add 1/12th of your payment as principal each month to approximate the same savings.
Are there setup fees?: Some third-party biweekly services charge. If so, compare the fee to the interest you’ll save to see if it’s worth it.

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Estimates only. Biweekly processing rules vary by servicer, and fees or escrow timing may change results. Confirm with your lender before relying on these figures.