1. What is Biweekly Mortgage Savings?

Biweekly mortgage payments can save you money on interest by making half your monthly payment every two weeks. This results in 26 half-payments per year (equivalent to 13 monthly payments) instead of 12, reducing your loan term and total interest paid.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Total Monthly Interest — Total interest paid with standard monthly payments
• Total Biweekly Interest — Total interest paid with biweekly payments

Explanation: By making payments every two weeks, you effectively make one extra monthly payment each year, which reduces your principal faster and decreases total interest paid.

3. Benefits of Biweekly Payments

Details: Biweekly payments can shorten your loan term by several years and save thousands in interest, while being more manageable than large lump-sum payments.

4. Using the Calculator

Tips: Enter your loan amount in USD, interest rate as a percentage, 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 5-25% of total interest, depending on your loan terms.

Q2: Are there fees for biweekly payments?
A: Some lenders charge setup or processing fees. Check with your lender before enrolling.

Q3: Can I switch back to monthly payments?
A: Most programs allow you to revert to monthly payments if needed.

Q4: Does this work for all loan types?
A: Works best with fixed-rate mortgages. Check with your lender for ARM or other loan types.

Q5: When do I see the savings?
A: Savings accumulate over time, becoming more significant in later years of the loan.