Free Bi-Weekly Mortgage Calculator

Calculate how much time and interest you save by making bi-weekly mortgage payments instead of monthly payments.

Save
USD
%
years

Bi-Weekly Payment

$997.95

Standard Monthly Payment$1,995.91
Extra Principal Per Year$1,995.91
Total Interest (monthly plan)$418,527
Equivalent Extra Monthly Payments/Year1

Bi-Weekly Payment vs Loan Term

View formula & how it works →

Bi-Weekly Mortgage Payments

Instead of making 12 monthly payments per year, you make 26 half-payments (every two weeks). This effectively adds one extra monthly payment per year.

Why It Works

  • 26 bi-weekly payments = 13 monthly equivalents per year
  • That extra payment goes directly to principal
  • Reduced principal means less interest charged on subsequent payments

    • Savings

  • Typically shaves 4-6 years off a 30-year mortgage
  • Saves tens of thousands in interest
  • Payment amount per paycheck is manageable since it is half the monthly amount

    • Implementation

    Some lenders offer formal bi-weekly programs (may have fees). Alternatively, you can achieve the same result by adding 1/12 of your monthly payment as extra principal each month.

    Example Calculation

    A $300,000 loan at 7% for 30 years, comparing monthly to bi-weekly payments.

    1. 01Monthly payment: $1,995.91
    2. 02Bi-weekly payment: $1,995.91 / 2 = $997.96
    3. 03Annual cost (monthly): $1,995.91 x 12 = $23,950.92
    4. 04Annual cost (bi-weekly): $997.96 x 26 = $25,946.96
    5. 05Extra principal per year: $25,946.96 - $23,950.92 = $1,996.04 (one extra payment)
    6. 06Total interest (monthly): $1,995.91 x 360 - $300,000 = $418,527
    7. 07Bi-weekly plan saves approximately 5-6 years and $65,000+ in interest

    Frequently Asked Questions

    Related Calculators

    Extra Payment Calculator

    Calculate impact of any extra payment amount.

    Mortgage Comparison Calculator

    Compare mortgage scenarios.

    Mortgage Points Calculator

    Another way to reduce interest cost.