Bi-Weekly Mortgage Calculator
See how making half your mortgage payment every two weeks can save you thousands and pay off your loan faster
| 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.
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:
Where:
= Loan amount
= Monthly interest rate (annual rate ÷ 12)
= Total months (term × 12)
Step 2: Convert to Bi-Weekly
Bi-Weekly Payment =
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 Details | Monthly | Bi-Weekly |
|---|---|---|
| Principal | $300,000 | $300,000 |
| Interest Rate | 4% | 4% |
| Term | 30 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
Ask Your Lender – Some offer automatic bi-weekly programs.
Third-Party Services – Companies like MoneyAisle can manage it.
DIY Method – Pay half monthly every 2 weeks (must ensure extra goes to principal).
8. Bi-Weekly vs. Semi-Monthly Payments
| Bi-Weekly | Semi-Monthly |
|---|---|
| 26 payments/year (13 full payments) | 24 payments/year (12 full payments) |
| Saves interest & shortens term | No 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.