1. What is a Biweekly Mortgage Payment?

A biweekly mortgage payment is half of your monthly mortgage payment paid every two weeks. This results in 26 half-payments per year, which is equivalent to 13 full monthly payments instead of 12, helping you pay off your mortgage faster.

2. How Does the Calculator Work?

The calculator uses the following simple formula:

Where:

• \( PMT_{Bi} \) — Biweekly payment amount
• \( PMT_{Monthly} \) — Standard monthly mortgage payment

Explanation: The monthly payment is calculated first using standard mortgage formulas, then divided by two to get the biweekly amount.

3. Benefits of Biweekly Payments

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

4. Using the Calculator

Tips: Enter your loan amount, interest rate, and loan term. The calculator will show both your standard monthly payment and the equivalent biweekly payment.

5. Frequently Asked Questions (FAQ)

Q1: How much faster will I pay off my mortgage with biweekly payments?
A: Typically 4-8 years faster on a 30-year mortgage, depending on your interest rate.

Q2: Is there a fee to switch to biweekly payments?
A: Some lenders charge a setup fee, while others offer it for free. Check with your lender.

Q3: Can I make biweekly payments on any mortgage?
A: Most conventional mortgages allow it, but some loans may have restrictions.

Q4: How much interest will I save?
A: Savings vary but can be tens of thousands of dollars over the life of the loan.

Q5: Is this different from accelerated biweekly payments?
A: Yes, this calculator shows simple biweekly (half of monthly). Accelerated biweekly uses a different calculation.