Biweekly Mortgage Calculator

Your details

The amount you owe now (the price minus your deposit, or your current balance on an existing loan).
The nominal annual interest rate (APR excluding fees).
%
For an existing loan, enter the years remaining.
years
Optional. Added on top of every payment in both plans, split in half on the biweekly side.
Accelerated pays half the monthly amount every fortnight (26 half-payments = 13 monthly). Equivalent spreads one extra monthly payment across the 12 months instead, with no biweekly billing.
Currency
Biweekly paymentLarge saving
$948.10
Standard monthly payment$1,896.20
Payoff time, biweekly plan24 yrs 1 mo
Payoff time, monthly plan30 years
Time saved5 yrs 11 mos
Interest saved$88,122
Total interest, monthly plan$382,633
Total interest, biweekly plan$294,512
Extra paid toward principal per year$1,896
Monthly plan$382,633
Biweekly plan$294,512

Interest saved: $88,122

Paying 948 every two weeks saves about 88,122 in interest and 5 yrs 11 mos off the term.

  • Twenty-six biweekly half-payments equal 13 monthly payments a year, one extra month of principal annually.
  • That extra payment goes straight to principal, so it compounds into a shorter term and less interest.
  • The faster payoff comes from paying more per year, not from biweekly compounding magic, so 1/12 extra each month gives almost the same result for free.

Next stepConfirm your lender applies biweekly payments to principal immediately and charges no setup fee.

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