1. What Are Biweekly Mortgage Payments?

Biweekly mortgage payments involve making half of your monthly mortgage payment every two weeks. This results in 26 half-payments per year (equivalent to 13 full monthly payments) instead of the standard 12 monthly payments.

2. How Biweekly Payments Work

The calculator uses the following formula to determine your biweekly payment amount:

Explanation:

• 26 represents the number of biweekly payments in a year (every 2 weeks)
• 24 represents the equivalent of 12 monthly payments split in half
• The ratio 26/24 (≈1.0833) accounts for the extra payment made each year

3. Benefits of Biweekly Payments

Key Advantages:

• Pay off your mortgage faster (typically 5-7 years earlier on a 30-year loan)
• Save thousands in interest over the life of the loan
• More frequent payments align better with many people's paycheck schedules
• No large lump sum required - easier budgeting with smaller, more frequent payments

4. Using the Calculator

Instructions: Enter your original loan amount, annual interest rate, and loan term in years. The calculator will show your standard monthly payment and the equivalent biweekly payment amount.

5. Frequently Asked Questions (FAQ)

Q1: How much faster will I pay off my mortgage with biweekly payments?
A: Typically 5-7 years faster on a 30-year mortgage, depending on your interest rate.

Q2: Do all lenders accept biweekly payments?
A: Most do, but some may charge a setup fee. Check with your lender about their specific policies.

Q3: Is there any downside to biweekly payments?
A: The main consideration is that you'll be making slightly larger annual payments (equivalent to 13 monthly payments instead of 12).

Q4: Can I switch back to monthly payments if needed?
A: Yes, most lenders allow you to change your payment schedule if your financial situation changes.

Q5: How much interest will I save with biweekly payments?
A: Savings depend on your loan amount and interest rate, but typically tens of thousands of dollars over the life of the loan.