Bi-Weekly Payment Calculator
See how paying half of your mortgage payment every two weeks could save you interest and help you pay off your home years sooner.
How Bi-Weekly Payments Save Interest
With a bi-weekly plan you pay half of your monthly payment every two weeks. Because there are 52 weeks in a year, that comes to 26 half-payments, the equivalent of 13 monthly payments instead of 12. The extra payment each year goes entirely to principal.
Enter your loan amount, rate, and term to see how much sooner the loan would be paid off and how much interest you would save. Before you start, confirm that your loan servicer accepts bi-weekly payments and applies them as they are received. You can get the same result by adding one-twelfth of a payment to each monthly payment.
Example: On a $500,000 loan at 6.5% for 30 years, the monthly payment is about $3,160. Paying $1,580 every two weeks pays the loan off in roughly 24 years and saves about $147,000 in interest.
Common Questions
Do all servicers accept bi-weekly payments?
No. Some hold the half-payments until a full payment is received, which removes most of the benefit, and some charge a fee for a bi-weekly program. Ask before you enroll.
Is there another way to get the same savings?
Yes. Add one-twelfth of your payment to principal each month, or make one extra payment a year. The result is nearly identical.
Is there a penalty for paying my mortgage early?
Most home loans today have no prepayment penalty. Check your note or ask us if you are unsure.