Paying half your mortgage every two weeks results in 26 half-payments – one extra monthly payment a year – which 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.
Tips
- Get a written loan estimate and compare the APR, not just the interest rate.
- Include property tax, insurance, HOA fees and maintenance in your monthly budget.
- A larger down payment lowers the payment and can remove mortgage insurance.
- Rates change daily – use a current quote for the most accurate result.
Common mistakes to avoid
- Looking only at the monthly payment instead of the total cost of the loan.
- Forgetting closing costs and fees.
- Assuming home prices always rise.
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.
What formula does the Biweekly Mortgage Calculator use?
Monthly payment M = P × i ÷ (1 − (1 + i)^−n).