Biweekly Mortgage Calculator
Compare paying half your mortgage every two weeks with paying monthly, and the years it trims off.
About the Biweekly Mortgage Calculator
Enter your loan amount, rate and term. The calculator shows the biweekly payment, how much sooner the loan is paid off and how much interest you save, with a chart comparing the two balances.
There are 26 fortnights in a year, so half-payments every two weeks add up to 13 monthly payments instead of 12. The extra payment goes to principal. You get the same result by adding 1/12 of a payment each month.
The formula
26 × (monthly ÷ 2) = 13 monthly payments a year
Worked example
$300,000 at 6.5% over 30 years
- Monthly payment $1,896.20, so $948.10 every two weeks
- Paid off in about 24.1 years, 5.9 years early
- Interest saved: about $89,345
Things to keep in mind
- Assumes your lender applies each half-payment when received; some hold it until the full monthly amount arrives.
Questions people ask
Do I need my lender's permission?
Many lenders offer it; avoid third-party programmes that charge fees.
Is it different from paying extra?
It's simply a convenient way to make one extra payment a year.
Does it suit people paid every two weeks?
Yes: it matches your paydays, which makes the extra payment easy to keep up.