Monthly vs Biweekly Mortgage Payment Calculator
Compare your monthly and biweekly payment options to see potential savings and faster payoff times
Monthly Payment Schedule
Biweekly Payment Schedule
Your Potential Savings with Biweekly Payments
Payment Schedule Comparison (First 12 Months)
| Payment # | Monthly Payment | Monthly Balance | Biweekly Payment | Biweekly Balance |
|---|
How Biweekly Payments Work
When you make biweekly mortgage payments, you’re essentially making 26 payments per year instead of 12 monthly payments. This equals 13 monthly payments annually, which helps you pay down your principal faster and save significantly on interest.
Payment Frequency
Biweekly payments are made every two weeks, resulting in 26 payments per year compared to 12 monthly payments.
Interest Savings
By paying more frequently, you reduce the principal balance faster, which decreases the amount of interest charged over the life of the loan.
Faster Payoff
The extra payments each year can reduce a 30-year mortgage to approximately 26 years, saving you years of payments.
Budget Considerations
Biweekly payments align well with biweekly paychecks, making budgeting easier for many homeowners.