Biweekly Mortgage Payoff Calculator
Pay half your monthly mortgage every two weeks and you make 13 monthly payments a year instead of 12 — that one extra payment shortens the loan by years.
How it works
Monthly payment: M = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the loan, r the monthly rate and n the number of months. Biweekly means paying M ÷ 2 every two weeks: 26 half-payments = 13 monthly payments a year.
Example: $300,000 at 6% over 30 years gives a monthly payment of $1,798.65, so $899.33 every two weeks. Standard payoff takes 360 months with $347,514.57 interest; biweekly takes 295 months (24y 7m) with $273,849.21 interest — $73,665.36 saved and 65 months early.
Frequently asked questions
How does biweekly actually save money?
You make one extra monthly payment a year, and it goes straight to principal. Less principal means less interest every month after that, which compounds into years saved.
Do I pay every two weeks or twice a month?
Every two weeks — 26 half-payments a year. Twice-a-month (24 half-payments) is just the normal 12 monthly payments split in two and saves nothing extra.
Does my lender have to offer a biweekly plan?
Not necessarily: you can usually pay a little extra with each monthly payment instead (one twelfth of the payment). Confirm extra payments are applied to principal, not held as a future payment.
Is biweekly better than one extra payment a year?
They are nearly identical. Biweekly spreads the extra cost across the year; one lump extra payment each year does the same job if you prefer it.