Biweekly vs Monthly Mortgage

How to use this calculator

1. Enter your loan amount, annual interest rate (APR), and term in years for a standard fixed-rate mortgage.
2. We compute the standard monthly payment and then the biweekly payment (half the monthly amount).
3. We simulate both the monthly and biweekly payoff paths to find payoff months and total interest for each.
4. Review the monthly vs biweekly payments, payoff months, months saved, and interest saved.
5. Use the results to decide whether setting up a true biweekly plan (or making equivalent extra payments) is worth the effort and any fees.

Inputs explained

Loan amount

The principal amount you are borrowing or the remaining balance you want to model.

Interest rate (APR %)

The annual percentage rate on your mortgage. This calculator assumes a fixed rate that does not change over the life of the loan.

Term (years)

The scheduled length of your mortgage in years, such as 30 or 15 years.

When to use it

• Estimating how much faster you could pay off a mortgage by adopting a true biweekly payment plan.
• Comparing interest savings from effectively adding one extra monthly payment per year to your mortgage.
• Deciding whether to enroll in a servicer’s biweekly payment program or simply make one extra payment per year yourself.
• Showing the impact of accelerated payments to a partner or client in a clear, side-by-side format.
• Testing different loan amounts, rates, and terms to see where biweekly payments make the biggest difference.

Tips & cautions

• Confirm that your servicer applies biweekly payments as they arrive and does not simply hold payments and remit once per month while charging fees.
• If your servicer does not support true biweekly processing, you can mimic biweekly benefits by making one extra full monthly payment each year.
• Make sure any extra or accelerated payments are clearly designated as principal-only if your servicer requires that to reduce the balance faster.
• Consider your cash-flow cycles; biweekly payments can align well with biweekly paychecks, as long as you track budget timing carefully.
• Review your loan documents for any prepayment penalties before ramping up payments, especially on non-standard mortgages.
• Assumes a fixed-rate, fully amortizing mortgage and does not model rate changes or adjustable-rate loans.
• Does not include escrow, property taxes, homeowners insurance, PMI, or HOA dues—results are principal and interest only.
• Assumes true biweekly application; some lender programs may not reduce interest as aggressively if they hold payments.
• Does not account for additional extra payments beyond the biweekly schedule; use an extra-payment calculator for more complex plans.

Deep dive

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