Bi-Weekly Mortgage Payment Calculator
Calculate savings from bi-weekly mortgage payments vs monthly payments
About this calculator
The Bi-Weekly Mortgage Payment Calculator helps homeowners determine potential savings by switching from monthly to bi-weekly mortgage payments. By making 26 bi-weekly payments per year instead of 12 monthly payments, you effectively make 13 monthly payments annually. This strategy can significantly reduce your total interest paid and shorten your loan term by several years, potentially saving thousands of dollars over the life of your mortgage.
How to use
Enter your current loan balance, interest rate, and remaining loan term in years. The calculator will automatically compute your bi-weekly payment amount and compare it to your monthly payment schedule. Review the results to see your potential interest savings and how much sooner you'll pay off your mortgage with bi-weekly payments.
Frequently asked questions
How much can I save with bi-weekly payments?
Bi-weekly payments typically save 4-6 years on a 30-year mortgage and can reduce total interest by 20-25% or more.
Is the bi-weekly payment exactly half my monthly payment?
Yes, the bi-weekly payment is exactly half of your monthly principal and interest payment amount.
Can I switch to bi-weekly payments with any lender?
Most lenders allow bi-weekly payments, but some may charge setup fees. Contact your lender to confirm availability and terms.