Biweekly Mortgage Calculator
Monthly payments against biweekly, weekly and accelerated plans: how much sooner each one pays the mortgage off and the interest it saves.
Result…
How it's calculated
Monthly payment p = L × i ÷ (1 − (1 + i)^−n), i = yearly rate ÷ 12 Accelerated biweekly = p ÷ 2 every 2 weeks (13 × p a year); biweekly = p × 12 ÷ 26 Accelerated weekly = p ÷ 4; weekly = p × 12 ÷ 52 Rate per payment j = (1 + i)^(12 ÷ k) − 1, k = payments a year
Paying every two weeks only saves real money when it means paying more in a year. Accelerated biweekly pays half the monthly payment 26 times a year, which adds up to 13 monthly payments instead of 12; the extra month goes straight to principal. A plain biweekly plan spreads the same 12 payments over 26 dates and saves only a little, from paying a few days earlier.
Your numbers, step by step
About the Biweekly Mortgage calculator
This biweekly mortgage calculator compares paying monthly with paying every two weeks or every week. Enter the loan amount, rate and term, then pick a plan: accelerated biweekly, biweekly, accelerated weekly or weekly. It shows each plan's payment, how much you pay in a year, how long the loan takes to clear and the interest saved against monthly payments, with a chart comparing all five. The key difference is the word accelerated. Half the monthly payment every two weeks is 26 half-payments, the same as 13 monthly payments a year, and that extra payment goes to principal. A plain biweekly plan pays the same yearly total as monthly and saves far less. The steps show the working with your numbers.
How to use it
- Enter the “Loan amount”, the “Interest rate” and the “Loan term” in years.
- Choose a “Payment plan”: accelerated biweekly, biweekly, accelerated weekly or weekly.
- Read the interest saved, the payment for that plan and the time to pay off.
- Compare the chart to see the total interest on every plan at once.
Worked example
A 300,000 loan at 6.5% over 30 years costs 1,896.20 a month. On the accelerated biweekly plan you pay 948.10 every two weeks, 24,650.65 a year, the same as 13 monthly payments. The loan clears in 24.08 years and saves 89,344.81 in interest. A plain biweekly plan of 875.17 every two weeks pays 22,754.45 a year, clears in 29.88 years and saves 3,045.18.
Updated
Questions people ask
How do biweekly mortgage payments save money?
Mostly by paying more each year. Half the monthly payment every two weeks adds up to 13 monthly payments a year instead of 12, and the extra goes straight to principal. Paying a little earlier saves a small amount too.
What is the difference between biweekly and accelerated biweekly?
Accelerated biweekly pays half the monthly payment every two weeks. Plain biweekly takes the yearly total of 12 monthly payments and splits it into 26, so each payment is smaller and the saving is much lower.
Is weekly better than biweekly?
Accelerated weekly pays a quarter of the monthly payment each week, which is also 13 monthly payments a year. It saves a little more than accelerated biweekly because the money arrives slightly earlier.
Can I get the same saving without a biweekly plan?
Usually, yes. Paying one twelfth of a monthly payment extra each month adds the same amount over a year. Model it with the mortgage payoff calculator.
Will my lender give the same result?
Not always. Some lenders charge interest daily, and some hold biweekly payments and apply them once a month, which saves less. Some also charge a fee for the plan. Ask your lender how it applies payments, or speak to a mortgage adviser.