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Biweekly Payment Formula:
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A biweekly mortgage payment plan involves making half of your monthly mortgage payment every two weeks. This results in 26 half-payments per year (equivalent to 13 full monthly payments), which helps pay off your mortgage faster.
The calculator uses the following formula:
Where:
Explanation: The calculator divides your monthly payment by 2 for the biweekly amount, then adds 1/26th of any annual extra payment you specify.
Details: Making biweekly payments can shorten your loan term by several years and save thousands in interest. The extra payment each year goes directly toward your principal.
Tips: Enter your regular monthly payment amount and any additional annual payment you plan to make. The calculator will show your biweekly payment amount.
Q1: How much faster will I pay off my mortgage?
A: Typically 4-8 years faster on a 30-year mortgage, depending on your loan amount and interest rate.
Q2: Is there a fee for biweekly payments?
A: Some lenders charge setup fees, but you can often achieve the same effect by making extra principal payments.
Q3: How does this compare to monthly payments?
A: Biweekly payments result in one extra full payment per year, which significantly reduces interest over time.
Q4: Can I make extra payments with any mortgage?
A: Most conventional loans allow extra payments, but some loans have prepayment penalties - check with your lender.
Q5: Should I refinance to a shorter term instead?
A: That depends on current interest rates. Biweekly payments offer flexibility without refinancing costs.