Bi-Weekly Mortgage Calculator
See how switching from monthly to bi-weekly mortgage payments can save you thousands in interest and shave years off your loan.
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How Bi-Weekly Payments Work
Instead of making 12 monthly payments per year, you make 26 half-payments (every two weeks). This is equivalent to making 13 full monthly payments per year instead of 12 — one extra payment annually that goes entirely to principal reduction.
The Math Behind the Savings
On a $320,000 loan at 6.75% for 30 years, switching to bi-weekly payments saves approximately $60,000+ in interest and pays off the loan 4-5 years early. The savings come from two effects: the extra annual payment and the more frequent application of payments reducing interest accumulation.
How to Set Up Bi-Weekly Payments
Some lenders offer official bi-weekly payment programs (watch for fees). Alternatively, you can divide your monthly payment by 12 and add that amount as extra principal each month — this achieves nearly the same result without any fees or program enrollment.