Mortgage Payoff Calculator · Practical guide
Biweekly vs. Monthly Mortgage Payments
Paying half your mortgage every two weeks quietly adds a thirteenth payment each year.
At a glance
The Short Answer
Switching from monthly to biweekly payments means 26 half-payments a year — the equivalent of 13 full payments instead of 12. On a $280,000 loan at 6.5%, biweekly half-payments of $884.90 pay the loan off in 24 years 2 months and save $81,439 in interest, with no change to your budget's rhythm.
Interactive tool
Mortgage Payoff Calculator
Enter your own values, then compare the result with the examples below.
Results
| Scenario | Payoff Time | Total Interest | Total Paid |
|---|
Why Biweekly Works
There are 52 weeks in a year, so every-other-week payments arrive 26 times. Twelve monthly payments total $21,237 a year on this loan; 26 half-payments total $22,967 — one extra full payment — and the extra principal also lands weeks earlier than a year-end lump sum would.
How the Strategies Compare ($280K at 6.5%)
| Strategy | Payoff Time | Total Interest | Interest Saved |
|---|---|---|---|
| Monthly, no extra | 30 yrs | $357,125 | — |
| One extra payment per year | 24 yrs 4 mo | $278,739 | $78,386 |
| Biweekly half-payments | 24 yrs 2 mo | $275,686 | $81,439 |
| $200 extra each month | 22 yrs 9 mo | $255,842 | $101,283 |
Watch Out for Biweekly Pitfalls
- Some servicers hold the first half-payment until the second arrives, wiping out the early-crediting benefit — ask how payments are applied.
- Third-party biweekly programs often charge setup and per-transaction fees for something you can do yourself.
- The DIY equivalent: add one-twelfth of your payment ($147.48) to every monthly payment and mark it for principal.
Frequently Asked Questions
How many payments a year does biweekly make?
Twenty-six half-payments, which equal 13 full monthly payments. That single extra payment per year is what shortens the loan by nearly six years.
Is biweekly better than one lump-sum extra payment a year?
Slightly. On a $280K loan at 6.5%, biweekly saves $81,439 versus $78,386 for the annual lump sum, because the extra principal is credited earlier on average.
Can I set up biweekly payments myself?
Often yes directly through your servicer at no cost. If not, adding one-twelfth of your payment to each monthly check achieves nearly the same result.
Does this calculator model biweekly payments?
It models consistent extra monthly payments. Enter $147.48 as the extra amount — one-twelfth of the $1,769.79 payment — to approximate the biweekly outcome.