Bi-Weekly Mortgage Calculator

Bi-weekly mortgage payments are a simple strategy to pay off your mortgage faster and save thousands in interest. By making payments every two weeks instead of monthly, you effectively make one extra payment per year, accelerating your payoff timeline.

This free bi-weekly mortgage calculator helps you see exactly how much you can save by switching to bi-weekly payments. It shows interest savings, time reduction, and compares bi-weekly vs. monthly payment strategies.

Use this tool to understand the benefits of bi-weekly payments and decide if this strategy makes sense for your financial situation.

Follow these steps to calculate bi-weekly payment savings:

1. 1

   Enter Loan Amount

   Input your mortgage loan amount. This is the principal you're paying off.

2. 2

   Enter Interest Rate

   Enter your mortgage interest rate (APR). This affects both monthly and bi-weekly payment calculations.

3. 3

   Enter Loan Term

   Enter your loan term in years (typically 15 or 30 years). This is your current mortgage term.

4. 4

   Review Bi-Weekly Savings

   See your monthly vs. bi-weekly payments, interest savings, and time saved. Compare to decide if bi-weekly payments make sense for you.

How It Works: Instead of 12 monthly payments, you make 26 bi-weekly payments (every 2 weeks). Since there are 52 weeks per year, 26 bi-weekly payments equal 13 monthly payments. This extra payment accelerates payoff.

Savings: Bi-weekly payments can save $20,000-$50,000+ in interest on a typical 30-year mortgage and cut 4-7 years off the payoff timeline. Savings depend on loan amount, rate, and term.

Cash Flow Impact: Bi-weekly payments have minimal impact on cash flow since you're paying the same total per month, just split into smaller, more frequent payments. It's the same money, paid differently.

Implementation: You can set up bi-weekly payments through your lender (may have fees) or make them yourself by paying half your monthly payment every two weeks. Both methods work.

1. Start Early

The earlier you start bi-weekly payments, the more interest you save. Starting from the beginning of your mortgage maximizes savings. But it's never too late to start.

2. Do It Yourself to Avoid Fees

Some lenders charge fees for bi-weekly programs. You can make bi-weekly payments yourself by paying half your monthly payment every two weeks. This achieves the same result without fees.

3. Ensure Payments Are Applied Correctly

When making bi-weekly payments, ensure your lender applies them correctly. Some may hold the first payment until the second arrives. Confirm with your lender that payments are applied immediately.

4. Consider Your Budget

While bi-weekly payments have minimal cash flow impact, ensure you can consistently make payments every two weeks. Set up automatic payments to ensure consistency.

5. Compare to Other Strategies

Bi-weekly payments are one way to accelerate payoff. Compare to making one extra monthly payment per year or increasing monthly payment amount. Choose the strategy that fits your budget and goals.