Biweekly Mortgage Payment Calculator
This biweekly mortgage calculator with extra payments quickly and easily calculates biweekly payments. Select the interest rate, loan amount, and loan term using the sliders below, then click 'Next' to continue.
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Welcome! You’ve found our fast and simple-to-use biweekly mortgage calculator with extra payments. Use this calculator to quickly and easily estimate your savings with a bi-weekly mortgage payment plan.
Table of Contents
What is a Biweekly Payment Plan?
A biweekly mortgage payment plan enables you to split your mortgage payment in half and pay it every two weeks. Because there are 52 weeks in a year, this means you’ll pay an extra full payment toward your principal every year. That may not sound like much, but it can make a huge difference.
For example, if you borrow $350,000 on a 30-year fixed loan at 5.875%, you’ll pay $2,070 per month toward your mortgage, which equals $24,840 per year.
If you split that payment in half and pay it every two weeks, you’ll pay $26,910 per year toward your mortgage. That means you’ll pay an extra $2,070 toward your principal every year, which shaves over 5 years off your payoff time and saves you $82,761 in interest.
Biweekly payments are also convenient, especially if you’re a salaried employee who gets paid every two weeks. A biweekly plan fits very nicely with your paycheck schedule, so it doesn’t feel like a financial burden.
If you want to pay off your loan even faster, you may want to make extra principal payments along with your biweekly plan. Our biweekly mortgage calculator can help you estimate your potential savings.
Is a Biweekly Plan the Same As a Bimonthly Plan?
Not exactly! Some people use the terms biweekly and bimonthly interchangeably, but they’re not the same thing. A bimonthly payment plan simply splits your payment in two so you can pay a half payment twice per month. Bimonthly payments can save you a little money, but they’re more for convenience and budgeting. If you’d like to calculate a bimonthly payment plan, check out our bi-monthly mortgage calculator.How to Use Our Biweekly Mortgage Calculator
Our bi-weekly mortgage calculator with extra payments is super easy to use, but feel free to refer to the instructions below if you need help.
Step 1: Loan Amount, Interest Rate, and Loan Term
Use the sliders to select the following values on page 1 of the bi weekly mortgage calculator:
- Annual Interest Rate – Select the annual interest rate to use for the calculation.
- Loan Amount – Select the loan amount.
- Loan Term – Select the loan term in years.
Once you’ve selected the items above, click the Next button.
Step 2 – Extra Principal Payments
Use the slider to select the following value on page 2:
- Extra Principal Payments – If you would like to include extra principal payments in the calculation, select the amount on the slider. Note that the amount you select will be added to each payment.
Once you’ve entered the above information, click the Calculate button.
Step 3 – Calculation Results
Once the page loads, you’ll see the calculation results. The top section of the bi weekly mortgage calculator shows the loan parameters you entered on the previous pages.
The middle section shows the payment breakdown, including any extra payments you selected on the previous page.
The final section of the results page shows the interest savings and number of years and months to pay off the loan using a biweekly plan.
If you would like to check out an amortization schedule, click the Next button.
Step 4 – Amortization Schedule
Page 4 of the calculator shows how the biweekly plan amortizes over time, including principal and interest payments, extra payments, and how your loan balance reduces over time.
Frequently Asked Questions
How much faster will I pay off my mortgage with biweekly payments?
A biweekly mortgage payment plan can shave as much as 5 to 8 years off of a 30-year mortgage, depending on your interest rate. If you’d like to save even more time, you may want to add extra principal payments to your biweekly plan. Our biweekly mortgage payment calculator with extra payments can quickly and easily estimate your potential savings.
How many years does biweekly payments take off a 30 year mortgage?
A biweekly mortgage payment plan can shave as much as 5 to 8 years from the payoff time of a 30-year mortgage. If you’d like to save even more time, consider adding extra principal payments to your biweekly plan. Our biweekly mortgage payment calculator with additional payments can quickly and easily estimate how much you can save.
Can you pay off your mortgage faster by paying biweekly?
Absolutely! Biweekly mortgage payments can shave as much as 5 to 8 years off of a 30-year mortgage. If you’d like to estimate your potential savings with a bi weekly plan, check out the bi weekly mortgage calculator on this page.
How many years can you save on your mortgage by paying biweekly?
Biweekly mortgage payments can shave as much as 5 to 8 years off a 30-year mortgage, depending on your interest rate. You can quickly and easily estimate your savings with the bi weekly mortgage calculator on this page.
What happens if I pay half my mortgage every 2 weeks?
This is called a biweekly payment plan, and it can shave as much as 5 to 8 years off of a 30-year mortgage. If you’d like to estimate your potential savings with biweekly payments, check out the bi weekly mortgage calculator on this page.
Will biweekly payments trigger a prepayment penalty?
Not likely! Prepayment penalties are rare these days anyway, but if you have one, you typically won’t trigger it unless you pay off more than 20% of the loan balance at one time. If you think you have a prepayment penalty, check with your mortgage lender to confirm how it works.
