Pay half every two weeks, finish years early.
Paying half your mortgage every two weeks adds up to one extra full payment a year, straight to principal. See how many years and how much interest that saves against the standard monthly schedule.
Your loan
The biweekly payment is half the monthly payment, made every two weeks. Any extra is added to each biweekly payment and applied to principal.
What the switch does for you
Loan balance over time
Standard vs biweekly at a glance
Year-by-year balance
Remaining balance at the end of each year on the monthly schedule versus the accelerated biweekly one.
| Year | Standard balance | Biweekly balance | Difference |
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Biweekly mortgages, explained
How a Biweekly Mortgage Actually Works
A standard mortgage takes 12 payments a year. A biweekly plan pays half of the monthly payment every two weeks instead. Because there are 52 weeks in a year, that is 26 half-payments, which equals 13 full monthly payments per year rather than 12. That single extra full payment each year goes straight to principal.
Chipping away at principal faster means less balance for interest to grow on, so the loan is retired years ahead of schedule. On a typical 30 year loan the payoff often lands near 25 or 26 years, with tens of thousands of dollars in interest saved, all without a large change to your monthly budget.
Time Saved and Interest Saved
The two headline numbers are time saved and interest saved. Time saved is the gap between the standard payoff (the full term you signed for) and the shorter biweekly payoff. Interest saved is the difference between total interest paid on the monthly schedule and total interest paid on the accelerated one.
Both grow with the size of the loan and the interest rate. A higher rate means every extra dollar of principal you knock out early avoids more future interest, so the biweekly effect is strongest on larger, higher rate loans held for the full term.
Before You Switch, Check Two Things
First, confirm your lender applies each biweekly payment to the loan right away rather than holding your money until a full monthly payment accumulates. If the servicer only credits you once a month, you lose the acceleration benefit entirely. Some servicers also charge a setup or per-payment fee for a formal biweekly program.
Second, know that you can get the same result for free. Simply divide your monthly payment by 12 and add that amount to each monthly payment, or make one extra full payment a year toward principal. That replicates the biweekly outcome without signing up for anything or paying a fee.
Common questions
Does a biweekly mortgage really save money?
Yes, because 26 half-payments a year equal 13 full monthly payments instead of 12. That extra payment goes to principal, shortening the loan and reducing total interest. The savings can reach tens of thousands of dollars on a large loan held to term.
How much sooner will my mortgage be paid off?
It depends on the loan size, rate, and term, but a 30 year loan commonly pays off around 4 to 6 years early on a biweekly schedule. Enter your numbers above to see the exact payoff time and time saved for your loan.
Do I need to sign up with my lender?
No. You can replicate the biweekly result for free by adding one twelfth of your monthly payment to each monthly payment, or by making one extra full payment toward principal each year. Formal biweekly programs sometimes charge a fee, so the do-it-yourself route is usually better.
Will paying biweekly hurt my monthly budget?
Not much. You pay half the monthly amount every two weeks, so most of the year your outflow matches the monthly plan. The difference is the two months a year that contain a third biweekly payment, which is where the extra full annual payment comes from.
Estimates for planning only. Everything runs in your browser and nothing is uploaded. Confirm with your servicer that biweekly payments are credited to principal on receipt, and check for any program fees, before you commit.