Our site offers 3 different calculators for people considering switching to biweekly loan payments. If you plan to start biweekly payments from the beginning of the loan & do not plan to incorporate any other extra payments, please click here to use the related calculator. Below there are 2 more calculators.

  • Basic - for owners who switch to biweekly payments somewhere in the middle of their loan term, but do not plan to add any other additional payments.
  • Advanced - for owners who switch in the middle of the loan term AND want to compliment their biweekly payments with other extra payments. This calculator also allows you to generate amortization schedules for the original loan, a loan with extra monthly payments, a loan with biweekly payments, and a loan with biweekly payments combined with extra payments. After calculating these payments, you can then create printable amortization schedules for each loan type.
Input Amount
Current remaining mortgage balance:
Monthly loan payment (Principal & Interest portion):
Interest Rate (APR%):
Interest under current monthly payments:
Interest if you switch to bi-weekly payments:
Bi-weekly Mortgage Interest Savings:

Biweekly Mortgage Calculator With Extra Payments

Input Amount
Current mortgage's beginning loan amount:
Current interest rate (%):
Original loan term: months
Total monthly payment (including tax & insurance):
Number of payments already made:
Date next payment due:
Amount you could comfortably add to the payment each month:
Current mortgage payment less escrow:
Interest you've already paid:
Current approximate balance of your mortgage:
Results Current Current Plus Extra Bi-Weekly Bi-Weekly plus Extra
Mortgage payment without escrow:
Mortgage payment with escrow:
Years to pay off:
Interest savings:
Monthly payments eliminated:
Total payment savings:
Equity after 5 years:
Equity after 10 years:
Balance due after years:
Results (continued) Current Current plus Extra Bi-Weekly Bi-Weekly plus Extra
Average monthly savings:
Average annual savings:
Equivalent interest rate:
Cash available after years:*
Payment Schedules:**
*Based upon a 10% yield of the money saved over the life of the loan, which is similar to the rate of return on the S&P 500 over many decades.
**Payment schedules will appear shortly in a new browser window, depending on the speed of your computer and the number of payments remaining.

Current Mortgage Rates

The following table highlights locally available current mortgage rates.

Pros and Cons of Biweekly Payments


Many people are paid biweekly. Those who align their mortgage payments with the date of their paycheck won't have to worry about making sure they save enough out of their paycheck to cover their home loan payments.

Most home loans across the United States incorporate a 30-year loan term. Most of the early payments on longer duration loan go toward paying interest.

Each year has 52 weeks in it, which is 26 bi-weekly periods. People making 26 payments which are half of their regular monthly payment are effectively making a 13th monthly payment which is applied entirely to the principal of the loan. This single extra payment per year builds home equity faster and can end up saving around 5 or 6 years on the life of the loan compared to a normal 30-year amortizing loan.

Any early repayment in the loan which goes toward principal extinguishes debt that will not accumulate any interest for the remainder of the loan period.

Making Extra Mortgage Payments.


Some companies charge a fee for managing biweekly payments. These fees often exceed the interest savings from employing the strategy, and when they do they ultimately do not save homebuyers any money. Instead they become an unneeded expense.

While paying more on a home means the home will be owned sooner, it also means the remainder of the consumer's budget will be a bit tighter as they are spending more paying off their loan faster.

If the homeowner defaults & goes into foreclosure before the loan term is up then the bank will own the property & any extra payments won't have benefited the foreclosed home buyer.