Bi-Weekly Mortgage Payment Calculator

How to do it

1. 1
   Step 1: Open Bi-Weekly Mortgage Payment Calculator and add your input

   Type your numbers or text, add your file, or pick the options you need. Nothing is uploaded: everything stays in your browser.

2. 2
   Step 2: What Bi-Weekly Mortgage Payment Calculator does

   See how much interest and time a bi-weekly mortgage payment plan saves.

3. 3
   Step 3: Read the result and compare

   The result appears at once. Change one value to see how the answer moves, then keep the figure that fits your case.

4. 4
   Step 4: Copy or save it

   Copy the result or download it. For an important decision, confirm it with the official source or an adviser.

About this tool

Enter your loan, rate and term. The calculator shows the monthly payment, the half payment made every two weeks, the interest and payoff date with each plan and the time and interest you save.

Why it works

Paying half of the monthly payment every two weeks means 26 half payments a year, which equals 13 full monthly payments instead of 12. The extra payment goes to principal and shortens the loan.

The model

Interest is worked out for each two-week period at the annual rate divided by 26, and each half payment is applied at once. This is how a true bi-weekly plan works at a lender that credits payments when they arrive.

Watch out

Some servicers hold bi-weekly money until a full payment is collected, or charge a setup fee, which cancels the benefit. You can get almost the same result by adding one twelfth of a payment to each monthly payment, or by making one extra payment a year.

Worked example

A $350,000 30-year loan at 6.5%: the monthly payment is $2,212.24, or $1,106.12 every two weeks. Interest falls from $446,406 to $343,597, a saving of $102,809, and the loan is paid off in about 24 years 1 month, 5 years 11 months early.

Tips for best results

Check every box before you rely on a result, because one wrong digit changes the whole answer. Use the exact figures from your payslip, bill, certificate or contract, and keep a note of the date you calculated. Rates, thresholds and rules change from time to time, so for tax, fees and legal matters treat the output as an estimate and confirm with the official source named on this page. You can run as many scenarios as you like; nothing is saved or sent, and refreshing the page clears the boxes.