Biweekly mortgage calculator
This biweekly mortgage calculator shows the effect of paying half your payment every two weeks, which adds up to one extra monthly payment a year.
Amortization schedule
| Year | Principal | Interest | Extra | Balance |
|---|---|---|---|---|
| 1 | $3,410.64 | $19,343.76 | $1,896.00 | $294,693.36 |
| 2 | $3,766.03 | $18,988.37 | $1,896.00 | $289,031.33 |
| 3 | $4,145.23 | $18,609.17 | $1,896.00 | $282,990.10 |
| 4 | $4,549.81 | $18,204.59 | $1,896.00 | $276,544.29 |
| 5 | $4,981.51 | $17,772.89 | $1,896.00 | $269,666.78 |
| 6 | $5,442.11 | $17,312.29 | $1,896.00 | $262,328.67 |
| 7 | $5,933.55 | $16,820.85 | $1,896.00 | $254,499.12 |
| 8 | $6,457.90 | $16,296.50 | $1,896.00 | $246,145.22 |
| 9 | $7,017.39 | $15,737.01 | $1,896.00 | $237,231.83 |
| 10 | $7,614.34 | $15,140.06 | $1,896.00 | $227,721.49 |
| 11 | $8,251.28 | $14,503.12 | $1,896.00 | $217,574.21 |
| 12 | $8,930.86 | $13,823.54 | $1,896.00 | $206,747.35 |
| 13 | $9,655.96 | $13,098.44 | $1,896.00 | $195,195.39 |
| 14 | $10,429.60 | $12,324.80 | $1,896.00 | $182,869.79 |
| 15 | $11,255.09 | $11,499.31 | $1,896.00 | $169,718.70 |
| 16 | $12,135.82 | $10,618.58 | $1,896.00 | $155,686.88 |
| 17 | $13,075.57 | $9,678.83 | $1,896.00 | $140,715.31 |
| 18 | $14,078.22 | $8,676.18 | $1,896.00 | $124,741.09 |
| 19 | $15,148.07 | $7,606.33 | $1,896.00 | $107,697.02 |
| 20 | $16,289.54 | $6,464.86 | $1,896.00 | $89,511.48 |
| 21 | $17,507.46 | $5,246.94 | $1,896.00 | $70,108.02 |
| 22 | $18,806.94 | $3,947.46 | $1,896.00 | $49,405.08 |
| 23 | $20,193.46 | $2,560.94 | $1,896.00 | $27,315.62 |
| 24 | $21,672.83 | $1,081.57 | $1,896.00 | $3,746.79 |
| 25 | $3,588.79 | $29.58 | $158.00 | $0.00 |
Why biweekly saves money
There are 26 two-week periods in a year, so half-payments every two weeks total 13 monthly payments instead of 12. The extra payment goes straight to principal. It is equivalent to adding one-twelfth of your payment each month, which is how this page models it.
Check how your servicer handles it
Some servicers hold the half-payments until a full monthly payment accumulates, which saves little. Others charge a setup or per-payment fee. You can often get the same result free by adding one-twelfth of your payment to each monthly payment as principal.
How much extra helps
On $300,000 at 6.5% over 30 years, an extra $158 a month saves $87,251 in interest and finishes the loan 70 months early.
| Extra / month | Months saved | Interest saved |
|---|---|---|
| $0 | 0 | $0 |
| $50 | 26 | $33,583 |
| $100 | 48 | $60,996 |
| $200 | 83 | $103,450 |
| $400 | 132 | $159,834 |
Frequently asked questions
Does biweekly really save money?
Yes, if the extra goes to principal. It adds one extra payment a year, which shortens a 30-year loan by several years.
Is a biweekly program worth the fee?
Usually not. You can get the same effect by adding one-twelfth of your payment each month as extra principal, with no fee.
Do extra payments always reduce the loan term?
If your lender applies them to principal, yes. Some lenders treat extra money as an early payment of the next installment instead, so tell them to apply it to principal.
Is there a prepayment penalty?
Most auto loans and mortgages today have none, but some do, so check your loan agreement.
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Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.