1. What is Biweekly Mortgage Payment?

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

2. How Does the Calculator Work?

The calculator uses the biweekly mortgage formula:

Where:

• \( PV \) — Loan amount (principal)
• \( r \) — Annual interest rate (as decimal)
• \( n \) — Loan term in years
• 26 — Number of biweekly periods in a year

Explanation: The formula calculates the fixed payment amount needed to pay off the loan over the specified term with biweekly payments.

3. Benefits of Biweekly Payments

Details: Biweekly payments can help you pay off your mortgage 5-7 years earlier on a 30-year loan and save thousands in interest. They also align better with many people's pay schedules.

4. Using the Calculator

Tips: Enter the loan amount in USD, annual interest rate as a percentage (e.g., 3.5 for 3.5%), and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How much can I save with biweekly payments?
A: On a $300,000 loan at 4% for 30 years, biweekly payments could save ~$30,000 and pay off the loan 6 years early.

Q2: Is biweekly better than monthly?
A: Biweekly is better if you want to pay off faster and save interest, but requires more frequent payments.

Q3: Can I switch to biweekly payments later?
A: Most lenders allow switching, but may charge a setup fee. Check with your lender for options.

Q4: Are there any downsides?
A: Requires more frequent payments and may not be ideal if your income varies. Some lenders charge fees for this service.

Q5: How does this compare to making extra payments?
A: Biweekly is a structured way to make extra payments. The effect is similar to making one extra monthly payment each year.