1. What is Biweekly Mortgage Payment?

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 and reduces total interest paid.

2. How Does the Calculator Work?

The calculator uses the biweekly payment formula:

Where:

• \( PMT \) — Biweekly payment amount
• \( PV \) — Loan principal amount
• \( r \) — Annual interest rate (in decimal)
• \( n \) — Loan term in years

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

3. Benefits of Biweekly Payments

Details: Making biweekly payments can shorten your loan term by several years and save thousands in interest. For a 30-year mortgage, this approach typically pays it off in about 24-25 years.

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: Savings vary but typically range from 20-30% of total interest over the loan life, shortening the term by 4-8 years on a 30-year mortgage.

Q2: Is there a difference between biweekly and semimonthly?
A: Yes. Biweekly means 26 payments/year (every 2 weeks), while semimonthly means 24 payments/year (twice a month).

Q3: Do all lenders accept biweekly payments?
A: Most do, but some may charge setup fees. Check with your lender before starting this payment plan.

Q4: Can I switch back to monthly payments?
A: Typically yes, but you may lose some of the interest savings if you switch back early in the loan term.

Q5: How does this compare to making extra payments?
A: Biweekly payments are more systematic and easier to budget for, while extra payments offer more flexibility in timing and amount.