1. What is Biweekly Mortgage Payment?

A biweekly mortgage payment is a payment plan where you make half of your monthly principal and interest payment plus escrow every two weeks. This results in 26 half-payments per year (equivalent to 13 full monthly payments), which can help pay off your mortgage faster.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• Monthly PI — Your monthly principal and interest payment
• Escrow — Your monthly escrow payment (taxes and insurance)

Explanation: By dividing your total monthly payment by 2, you get the amount to pay every two weeks.

3. Benefits of Biweekly Payments

Details: Making biweekly payments can save you thousands in interest and shorten your loan term by several years because you're effectively making one extra monthly payment each year.

4. Using the Calculator

Tips: Enter your regular monthly principal and interest payment (from your mortgage statement) and your monthly escrow amount. The calculator will show your biweekly payment amount.

5. Frequently Asked Questions (FAQ)

Q1: How much faster will I pay off my mortgage?
A: Typically 5-7 years faster on a 30-year mortgage, depending on your loan amount and interest rate.

Q2: Is this different from making extra payments?
A: Yes, this is a structured approach that spreads payments evenly throughout the year rather than making lump sum extra payments.

Q3: Do all lenders accept biweekly payments?
A: Most do, but some may charge a fee to set up a biweekly plan. Check with your lender.

Q4: What if my escrow changes?
A: You'll need to recalculate your biweekly payment whenever your escrow amount changes (usually annually).

Q5: Can I use this for other loan types?
A: Yes, this approach works for any amortizing loan (auto loans, personal loans, etc.).