Skip to Main Content

Biweekly Mortgage Payment Calculator

With monthly payments:
Monthly payment $0.00
Total Interest $0.00
Average interest each month $0.00
With biweekly payments:
Biweekly payment $0.00
Total Interest $0.00
Average interest each biweekly period $0.00

How to use a biweekly mortgage payment calculator

This tool helps you decide whether it makes sense to accelerate your monthly mortgage payments. On the left side of the calculator, enter your loan balance, mortgage rate and the length of your loan in years. After entering these numbers, you’ll see how much interest you’ll pay over the life of the loan with biweekly payments compared to monthly payments.

How does a biweekly mortgage payment work?

Most homeowners make their mortgage payments once a month. But if you're interested in paying off your loan more quickly and paying less in interest overall, consider biweekly payments

With this option, you pay half of your normal monthly payment every two weeks, which works out to 26 biweekly payments and 13 full monthly payments per year, rather than 12. The additional payment will apply to your loan’s principal balance, helping you pay off your mortgage sooner and save on interest. Just confirm with your mortgage servicer that the extra payments are applied to the loan principal.

Considerations before choosing biweekly payments

Before taking on biweekly payments, ask yourself the following questions:

  • What’s your mortgage rate? If you’ve got a 3 percent loan you locked in a few years ago, you may want to use any extra money on something that would earn you a better return. On the other hand, if you have a higher interest rate, the biweekly method may be more intriguing.
  • How does your emergency savings account look? If you’re ready for an emergency, great. If not, it might be wiser to boost your savings with the extra money before paying down the mortgage more quickly.
  • Are you maxing out your retirement savings? If your retirement accounts aren’t on target, direct the extra money there rather than paying down the mortgage.
  • Are you carrying credit card balances? Mortgage debt is considered healthy debt — but credit card debt is decidedly bad for you. If you’ve got credit card balances, pay those down first.

Pros of paying your mortgage biweekly

  • Long-term savings: The biggest upside to biweekly mortgage payments is the ability to reduce interest payments overall.
  • Faster path to equity: You’ll accumulate more equity with biweekly payments. If you plan to stay in the home longer term, that equity gives you a lower-cost borrowing option in the form of a home equity loan or line of credit.
  • Higher net proceeds if you sell: If you sell the home at a profit, you’ll pocket more of those proceeds versus using them to pay off your mortgage.

Cons of paying your mortgage biweekly

  • Potential impact on other savings goals: Before you commit to paying your mortgage biweekly, consider whether doing so would benefit your overall financial plan. A biweekly strategy means putting more money toward your mortgage every year, which could pull from other financial obligations, like saving for retirement. Additionally, if you’re trying to pay off high-interest debt, it might make more sense to prioritize the higher APR attached to your credit card, for example. As you assess your budget, make sure the interest savings on your mortgage outweigh any losses elsewhere.
  • Possible prepayment penalty: Although not common, some mortgages come with a prepayment penalty if a borrower pays off the loan sooner than stated in the repayment schedule. Carefully read your loan documents or contact your servicer to see if you’d be subject to this fee. Keep a record of who you spoke to in case there’s an issue later on.
  • Might require some extra setup: Lenders want to earn their share of interest, so arranging biweekly payments might not be that simple. Before making the extra payments, contact your servicer to coordinate your payment plan and verify that your additional payments will go toward the principal. Again, keep track of who you spoke with and get confirmation of your conversation in writing.

Should you pay your mortgage biweekly?

You're most likely to benefit from making biweekly mortgage payments if you meet the following criteria:

  • You have a relatively high interest rate on your mortgage. The higher your interest rate, the more likely you'll benefit from working aggressively to eliminate your mortgage debt.
  • You can afford to pay extra toward your mortgage without endangering other financial priorities. If your emergency fund, retirement accounts and credit card balances are in good shape, and you still have extra cash, it's worth considering using some toward extra mortgage payments. 

There's no reason to worry about paying off your mortgage on the regular schedule. But if you can afford to pay it off early, you'll save money on interest, which can be a powerful incentive when rates are still relatively high.