Paying half your mortgage every two weeks results in 26 half-payments, which is one extra monthly payment a year and typically takes 4–6 years off a 30-year loan. Check your lender applies bi-weekly payments immediately and doesn’t charge a fee.
How to use the Biweekly Mortgage Calculator
- Loan amount
- Mortgage term
- Interest rate
- Bi-weekly program setup fee
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter the loan amount, term and interest rate.
Inputs explained
| Field | What to enter |
|---|---|
| Loan amount | Amount in your currency |
| Mortgage term | Units: years, months |
| Interest rate | In % |
| Bi-weekly program setup fee | Amount in your currency |
What each result means
- Monthly payment = pmt([Interest rate]÷1200, [Mortgage term], [Loan amount])
- Total interest (monthly) = [Monthly payment]×[Mortgage term] – [Loan amount]
- Bi-weekly payment = [Monthly payment]÷2
- Bi-weekly payments needed = nper((1 + [Interest rate]÷1200)^(12÷26) – 1, [Bi-weekly payment], [Loan amount])
- Payoff time (bi-weekly) = [Bi-weekly payments needed]÷26
- Total interest (bi-weekly) = [Bi-weekly payment]×[Bi-weekly payments needed] – [Loan amount]
- Interest saved = [Total interest (monthly)] – [Total interest (bi-weekly)] – [Bi-weekly program setup fee]
- Time saved = [Mortgage term]÷12 – [Payoff time (bi-weekly)]
Example values
How the main result changes when Loan amount changes and everything else stays at the example values above:
| Loan amount | Interest saved |
|---|---|
| 175,000 | 52,117.93 |
| 262,500 | 78,176.89 |
| 350,000 | 104,235.86 |
| 437,500 | 130,294.82 |
| 525,000 | 156,353.79 |
| 700,000 | 208,471.72 |
Formula
Monthly payment M = P × i ÷ (1 − (1 + i)^−n)
Accelerated bi-weekly payment = M ÷ 2, paid 26 times a year (13 monthly payments)
Number of bi-weekly payments = nper(bi-weekly rate, M/2, P)
Worked example
Inputs: Loan amount: $350,000; Mortgage term: 30 years; Interest rate: 6.5 %; Bi-weekly program setup fee: $0.
Results: Monthly payment = $2,212.24; Total interest – monthly = $446,405.71; Bi-weekly payment = $1,106.12; Bi-weekly payments needed = 626; Payoff time – bi-weekly = 24.1 years; Total interest – bi-weekly = $342,169.85; Interest saved = $104,235.86; Time saved = 5.9 years.
Frequently asked questions
How much does a bi-weekly mortgage save?
Often 4–6 years and tens of thousands in interest on a 30-year loan.
Why does it work?
26 half-payments equal 13 monthly payments a year.
Can I do the same with monthly payments?
Yes. Add 1/12 of a payment to each monthly payment.
Sources
Guides on this topic
- How to Calculate a Mortgage Payment (Formula + Example): The mortgage payment formula explained step by step, with a worked example, what PITI adds on top, and how rate, term, down payment and extra payments change what you pay.