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Bi-Weekly Payment

What does paying every 2 weeks save you?

Enter your loan amount, interest rate, and loan length. We’ll show how much interest and time you’d save by paying half your mortgage payment every two weeks instead of the full payment once a month.

  1. 26 half payments = 13 full ones

    A year has 52 weeks, so paying half your payment every two weeks means 26 half payments, or 13 full monthly payments. That’s one more than the 12 you’d make paying monthly.

  2. The extra goes to principal

    That 13th payment isn’t needed for interest, so all of it pays down the loan balance (the principal). A smaller balance means less interest the next month, and the next.

  3. Early cuts save the most

    Because interest is charged on what you still owe, cutting the balance early saves interest for the rest of the loan. That’s how works, and why one extra payment a year can take years off a mortgage.
Already have a mortgage? Enter what you owe now and the years left; the result is the same as for a new loan. Your mortgage statement shows your current balance and rate.
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%
yr

Paying every 2 weeks saves

$116,342

in interest, and you pay off the loan 5 years 10 months earlier. Paying every two weeks adds up to one extra monthly payment a year, and all of it goes to principal.

Monthly payment

$2,528

principal + interest, standard schedule

Every-2-weeks payment

$1,264

half the monthly payment, 26 times a year

Extra paid per year

$2,528

one extra monthly payment

Time saved

5yr 10mo

290 vs 360 monthly payments

Interest saved

$116,342

$510,178 vs $393,836 total

What this means

Instead of $2,528 once a month, you’d send $1,264 every two weeks. Over a year that’s $32,868 instead of $30,339, about $211 a month more. That small extra cuts total interest from $510,178 to $393,836 and finishes the loan in 24 years 2 months instead of 30 years.

Figures cover principal and interest only; property tax and insurance don’t change. Before you start, check that your loan has no prepayment penalty and that your servicer applies the extra to principal.

What you still owe over time

Paying monthly Paying every 2 weeks
$0$79,928$159,855$239,783$319,711$399,638Yr 0Yr 5Yr 10Yr 15Yr 20Yr 25Yr 30

Not all lenders accept biweekly payments directly. Some require enrolling in a biweekly program with a $200 to $400 setup fee plus per-payment charges. You can get the same result for free: add 1/12 of your monthly payment as extra principal every month. Or make one full extra monthly payment per year (for example, when you get a tax refund) for nearly identical lifetime savings.

Results are estimates based on your inputs and the assumptions on this page, not quotes or advice. A lender, servicer, or tax advisor will give you different numbers. Disclaimer

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Terms used on this page

Short definitions of the terms this calculator uses.

Bi-weekly payments
Paying half your monthly mortgage payment every two weeks. That’s 26 half payments a year, which equals 13 full monthly payments instead of 12.
Principal
The amount you still owe on the loan, not counting interest. Extra payments go to principal and shrink the balance faster.
Principal and interest
The loan part of your monthly payment. Principal pays down what you borrowed; interest is the lender’s charge for lending it.
Amortization
How a loan is paid off with equal monthly payments. Early payments are mostly interest, so paying down principal early saves the most.
Loan term
How many years the loan is scheduled to take. For a loan you already have, use the years left.
Prepayment penalty
A fee some loans charge for paying off the balance early. Most home loans today don’t have one, but check your loan documents before paying extra.
Loan servicer
The company that collects your payments and manages your loan. It may differ from the lender that made the loan, and it’s who you ask to apply extra money to principal.

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