Enter values and click Calculate.
| Monthly payment | $0.00 |
| Total Interest | $0.00 |
| Average interest each month | $0.00 |
| Biweekly payment | $0.00 |
| Total Interest | $0.00 |
| Average interest each biweekly period | $0.00 |
| Payoff time (monthly) | — |
| Payoff time (biweekly) | — |
| Interest saved | — |
| Time saved | — |
Outstanding principal balance at the end of each year: Standard (monthly) vs Biweekly.
| Year # | Standard | Biweekly |
|---|---|---|
| Enter values and click Calculate. | ||
A biweekly mortgage loan calculator helps borrowers understand how shifting from monthly mortgage payments to biweekly payments can benefit them. For example, it can shorten the loan term and reduce the total interest charges paid for the loan.
In this specific module, the borrower pays one installment every two weeks. The borrower can either split their monthly payment into two halves and pay one after every 14 days, or they can just shift their monthly payments to biweekly to pay the total loan amount earlier than the loan term. Both of these scenarios are extremely helpful for the borrower. However, they may increase the cost burden.
The extra payments made go directly to the principal, paying it off early and helping the borrower finish their mortgage loans faster. The calculator presented above is designed to help you compare both monthly and biweekly payments, estimate your total cost savings, and analyze your biweekly amortization schedule.
A biweekly mortgage payment model is antagonistic to the traditional monthly payment model. It breaks the entire monthly payment into two halves. Each amount is then paid every 14 days. It helps the borrowers pay a small amount more frequently instead of a single, bigger payment each month.
Below is a brief overview of both the monthly and biweekly payment models, so you can get a clear idea.
As the interest is charged according to the remaining loan, reducing the loan earlier lowers the interest charges each month.
A biweekly mortgage calculator helps you evaluate the impact of accelerated payments for your mortgage loan. You just have to enter the essential loan details. As a result, it shows the following results.
It compares the standard monthly payments with the adjusted biweekly payments and the impact of both on the loan.
You see how much interest charges you have to pay under each payment method.
A biweekly mortgage payoff calculator shows you how many years earlier you can pay off your loan by making additional payments.
You see how much you can save in terms of reduced interest charges by reducing the loan amount earlier.
This calculator generates a biweekly amortization schedule. This schedule helps you understand how each payment goes to reduce both the principal and the interest charges.
The table below uses assumed values to show you the clear difference between these two payment methods. You can replace the values with the actual ones to check the impact of the payments in your case.
| Loan Details | Monthly Payment Plan | Biweekly Payment Plan |
|---|---|---|
| Loan Amount | $300,000 | $300,000 |
| Interest Rate | 6.50% | 6.50% |
| Loan Term | 30 Years | 30 Years |
| Payments Per Year | 12 | 26 Half Payments |
| Estimated Payoff Time | 30 Years | About 25–26 Years |
| Interest Paid | Higher | Lower |
As the borrower makes one extra payment each year, the loan amount decreases faster. As a result, the interest rate reduces every year.
Confirm your servicer credits extra payments to principal and won't charge a prepayment penalty. Some third-party bi-weekly services charge fees that eat the savings — DIY extra payments often work the same way.
For a full comparison of payoff strategies (not just bi-weekly), see our mortgage payoff strategies guide.