Calculate Bi-Weekly Mortgage Savings
Use the calculator above to compare your monthly schedule against a bi-weekly plan. You’ll see the new payoff timeline, total interest differences, and a visual chart of remaining balance over time.
How Bi-Weekly Payments Work
Instead of one monthly payment, you make a half-payment every two weeks. That’s 26 half-payments per year, which equals 13 full payments—effectively one extra full payment annually that goes toward principal, reducing interest and shortening the term.
Amortization Schedule: Monthly vs. Bi-Weekly
The tables and chart show how principal and interest change under each method. Bi-weekly payments reduce the balance sooner, cutting interest accrual and payoff time.
Benefits of Bi-Weekly Payments
- Pay off your mortgage years earlier.
- Save thousands in total interest.
- Build home equity faster.
- Aligns well with bi-weekly payroll.
Important Considerations & Risks
- Check for prepayment penalties.
- Watch for third-party “bi-weekly service†fees.
- Manual extra principal payments can mimic the effect if your lender doesn’t support bi-weekly.
Frequently Asked Questions
How do bi-weekly payments save money? By making the equivalent of one extra full payment per year, you reduce principal faster, which reduces total interest.
Can I do it without my lender? Many borrowers manually add extra principal each year to produce a similar result.