Biweekly Mortgage Calculator

Standard mortgages require 12 monthly payments per year. A biweekly payment schedule divides your standard monthly mortgage payment in half and requires that amount every two weeks. Because there are 52 weeks in a year, you will make 26 biweekly payments, which equals 13 full monthly payments annually. The fundamental formula computes your base monthly payment using the principal loan amount, interest rate, and loan term, then derives the biweekly payment by dividing that monthly amount by two. Over time, the extra payment directly reduces the outstanding principal balance faster, which decreases the total interest accrued over the life of the loan.

Consider a 30-year fixed-rate mortgage of $300,000 with an annual interest rate of 6%. Under a traditional monthly schedule, your base principal and interest payment is approximately $1,798.65 per month, totaling $647,514 over 30 years. Using our biweekly payment calculator, your biweekly payment becomes $899.33. By paying this amount every two weeks, you complete 26 half-payments (or 13 full payments) annually. This strategy cuts your loan term down to approximately 25 years and 4 months, saving you over $55,000 in lifetime interest charges.

Always verify whether your loan servicer charges a fee or requires enrollment in a specific biweekly program before changing your payment habits. Some lenders batch your biweekly funds in a suspense account and only apply them to the principal once a month, which negates the interest-saving benefits unless handled correctly. Alternatively, you can achieve the exact same financial benefit on your own by simply paying one-twelfth of your monthly payment extra each month on a standard schedule.