Bi-Weekly Mortgage Calculator

Bi-Weekly Mortgage Calculator

Bi-Weekly Mortgage Calculator

See how making half your mortgage payment every two weeks can save you thousands and pay off your loan faster

Loan Details
Bi-Weekly Savings
Years Saved
0
Reduction in loan term by switching to bi-weekly
Interest Saved
$0.00
Total interest savings over loan life
Bi-Weekly Payment
$0.00
Payment amount every two weeks
Payment Plan Comparison
Metric Monthly Payments Bi-Weekly Payments
Payment Amount $0.00 $0.00
Payments Per Year 12 26
Total Payments 0 0
Loan Term 0 years 0 years
Total Interest $0.00 $0.00
Total Cost $0.00 $0.00

How Bi-Weekly Payments Work

Bi-weekly mortgage payments involve paying half of your monthly mortgage payment every two weeks. This results in 26 half-payments per year (equivalent to 13 full monthly payments) instead of the standard 12 monthly payments.

Key Benefits:
- Pay off your mortgage faster: Typically 4-8 years earlier on a 30-year loan
- Save thousands in interest: The extra payment goes directly toward principal
- Budget friendly: Smaller, more frequent payments may align better with pay schedules

How It Works:
- Your monthly payment is divided in two
- You make this half-payment every two weeks
- The extra payment each year reduces your principal faster

Tip: Check with your lender about bi-weekly payment options as some may charge fees for this service.

This calculator provides estimates only. Actual savings may vary based on your specific loan terms. Print Results



A Bi-Weekly Mortgage Calculator helps homeowners determine how much they can save by making half-sized mortgage payments every two weeks instead of one full payment each month. This strategy can significantly reduce interest costs and shorten the loan term.

1. How Bi-Weekly Payments Work

  • Standard Monthly Payment: Paid once per month (12 payments/year).

  • Bi-Weekly Payment: Half the monthly amount paid every two weeks (26 half-payments = 13 full payments/year).

  • Result: One extra full payment per year, reducing principal faster.

Key Benefits:

✔ Pay Off Loan Faster (e.g., 30-year mortgage in ~24-26 years).
✔ Save Thousands in Interest (Less compounding over time).
✔ Budget-Friendly (Smaller, more frequent payments).

2. Bi-Weekly Mortgage Calculator Features

A. Input Fields

  • Loan Amount (Principal)

  • Interest Rate (Annual %)

  • Loan Term (e.g., 30 years)

  • Start Date (First payment date)

B. Calculation Outputs

  • Bi-Weekly Payment Amount (Half of monthly payment).

  • Total Interest Saved vs. monthly payments.

  • Loan Payoff Date (Earlier than original term).

  • Amortization Schedule (Shows accelerated payoff).

C. Comparison Tool

  • Side-by-side comparison of:

    • Monthly Payments (Standard schedule).

    • Bi-Weekly Payments (Accelerated savings).

3. How the Calculator Works

Step 1: Compute Monthly Payment

Using the standard mortgage formula:

M=P×r(1+r)n(1+r)n−1

Where:

  • P = Loan amount

  • r = Monthly interest rate (annual rate ÷ 12)

  • n = Total months (term × 12)

Step 2: Convert to Bi-Weekly

  • Bi-Weekly Payment = M2

  • 26 Bi-Weekly Payments = 13 Full Payments/Year (vs. 12 monthly).

Step 3: Calculate Interest Savings

  • Extra payments reduce principal faster → less interest accrues.

  • Example:

    • $300,000 Loan @ 4% for 30 Years

    • Monthly Payment: $1,432

    • Bi-Weekly Payment: $716

    • Savings: ~$28,000 & paid off 5 years early.

4. Example Calculation

Loan DetailsMonthlyBi-Weekly
Principal$300,000$300,000
Interest Rate4%4%
Term30 years~25.5 years
Payment$1,432/month$716 every 2 weeks
Total Interest$215,609$187,221
Savings—$28,388

(Note: Exact savings depend on loan terms.)

5. Pros & Cons of Bi-Weekly Payments

✅ Pros

  • Faster Equity Building (More principal reduction).

  • No Refinancing Needed (Same interest rate).

  • Disciplined Savings (Forces regular extra payments).

❌ Cons

  • Not All Lenders Offer It (May charge setup fees).

  • Tighter Cash Flow (26 payments vs. 12).

  • Prepayment Penalties? (Check loan terms).

6. Alternatives to Bi-Weekly Payments

  • Make Extra Monthly Payments (E.g., $100 extra/month).

  • Refinance to a Shorter Term (E.g., 15-year mortgage).

  • Lump-Sum Principal Reductions (When possible).

7. How to Set Up Bi-Weekly Payments

  1. Ask Your Lender – Some offer automatic bi-weekly programs.

  2. Third-Party Services – Companies like MoneyAisle can manage it.

  3. DIY Method – Pay half monthly every 2 weeks (must ensure extra goes to principal).

8. Bi-Weekly vs. Semi-Monthly Payments

Bi-WeeklySemi-Monthly
26 payments/year (13 full payments)24 payments/year (12 full payments)
Saves interest & shortens termNo extra payoff benefit
Paid every 2 weeks (e.g., Fridays)Paid twice/month (e.g., 1st & 15th)

9. Best Candidates for Bi-Weekly Payments

  • Paid Bi-Weekly (Aligns with paycheck schedule).

  • Want to Save Interest Without Refinancing.

  • Can Afford Slightly Higher Annual Payments.