Bi-Weekly Payment Calculator
See how bi-weekly payments can help you pay off your mortgage faster
Bi-Weekly Payment Calculator
Add extra principal payments to save even more
Payment Comparison
Calculator Disclaimer
This calculator provides estimates based on the information you enter and current market conditions. Actual savings and results may vary based on:
- Your loan terms and conditions
- Payment processing timing
- Lender bi-weekly payment policies
- Interest rate changes
- Payment application methods
- Additional fees or charges
Please consult with one of our mortgage experts to understand how bi-weekly payments will work with your specific loan and to verify any associated fees or requirements. The results shown are for informational purposes only and do not constitute financial advice.
Frequently Asked Questions
Everything you need to know about bi-weekly mortgage payments
How much can I save with bi-weekly payments?
On a typical $300,000 mortgage at 6.5% interest, bi-weekly payments can save you $50,000-$80,000 in interest and help you pay off your mortgage 4-7 years earlier. Use our calculator above to see your exact savings potential.
Do all lenders offer bi-weekly payment programs?
Not all lenders offer true bi-weekly programs. Some may charge fees or not properly apply payments to principal. It's important to verify with your lender that bi-weekly payments will be applied correctly and without excessive fees.
Can I set up bi-weekly payments myself?
Yes! You can make half your monthly payment every two weeks without a formal program. Just ensure your lender applies the extra payment to principal rather than holding it as a credit.
What's the difference between bi-weekly and twice-monthly payments?
Bi-weekly means every two weeks (26 payments per year), while twice-monthly means twice per month (24 payments per year). Only bi-weekly payments create the extra payment that accelerates your payoff.
Are there any downsides to bi-weekly payments?
The main consideration is that you'll make 26 half-payments instead of 12 full payments, which means budgeting for the equivalent of 13 monthly payments per year. Some lenders may charge setup fees.
When should I start bi-weekly payments?
The earlier you start, the more you save. However, you can begin at any time during your loan term. Even starting mid-loan can save significant amounts in interest and reduce your payoff time.
Understanding Bi-Weekly Payments
How It Works
Instead of making 12 monthly payments per year, bi-weekly payments split your monthly payment in half and you pay every two weeks. This results in 26 half-payments, or 13 full payments per year, helping you pay off your mortgage faster and save on interest.
Example:
On a $300,000 mortgage at 6.5% interest, bi-weekly payments could help you pay off your mortgage about 4 years earlier and save tens of thousands in interest.
Benefits
- • Make one extra payment per year
- • Build equity faster
- • Reduce total interest paid
- • Pay off mortgage years earlier
- • Align with bi-weekly paychecks
- • No change in budget
Important Note:
Check with your lender to ensure they accept bi-weekly payments and properly apply them to reduce principal.
Related Mortgage Calculators
Explore other tools to optimize your mortgage strategy
Extra Payments Calculator
See how additional principal payments can accelerate your mortgage payoff and save thousands in interest.
Refinance Calculator
Calculate if refinancing makes sense for your situation and compare different loan scenarios.
Monthly Payment Calculator
Calculate your standard monthly mortgage payment and see how it compares to bi-weekly payments.
Ready to Save?
Our mortgage experts can help you set up a bi-weekly payment plan and explore other ways to save.
Call Us
(855) 699-1424