Question 1

How do biweekly mortgage payments save money?

Accepted Answer

There are 52 weeks in a year, so paying half the monthly amount every two weeks makes 26 half-payments — the equivalent of 13 full monthly payments instead of 12. That extra payment goes entirely to principal, and because interest is charged on a smaller balance every period, a 30-year loan typically ends 4–6 years early.

Question 2

How much does a biweekly schedule save on a $350,000 mortgage?

Accepted Answer

At 6.5 % over 30 years the monthly payment is about $2,212. Paying $1,106 every two weeks retires the loan in about 24 years and saves around $103,000 of the $446,000 in interest that the monthly schedule would cost.

Question 3

Will my lender accept biweekly payments?

Accepted Answer

Many servicers offer a free biweekly option; some third-party “biweekly programs” charge setup and per-payment fees for the same result. If your lender only takes monthly payments, you get an identical effect by adding one-twelfth of the payment to each monthly payment as extra principal — no fees, no program.

Question 4

Is biweekly the same as paying extra principal?

Accepted Answer

Almost. Biweekly makes 13 payments a year; adding 1/12 of the payment each month also makes 13 payments a year. The biweekly schedule saves slightly more because half-payments arrive earlier, but the difference is small. Both require the lender to apply the extra to principal, not to “prepay” next month.

Question 5

Are there downsides?

Accepted Answer

Only flexibility: the extra 1/12 is money you cannot redirect to higher-interest debt, an emergency fund or retirement matching. Compare the mortgage rate with what that money could earn elsewhere; at 6–7 % mortgage rates, accelerated payoff is competitive with most safe investments.

Plan	Payment	Per year	Payoff	Total interest
Monthly	$2,212.24 × 12	$26,547	30 yr	$446,406
Biweekly	$1,106.12 × 26	$28,759	24 yr 1 mo	$343,597

Loan	Monthly	Biweekly	Paid off	Interest saved
$250,000 at 6.0 %	$1,499	$749	24.5 yrs (5.5 early)	~$62,000
$350,000 at 6.5 %	$2,212	$1,106	24.1 yrs (5.9 early)	~$103,000
$500,000 at 7.0 %	$3,327	$1,663	23.6 yrs (6.4 early)	~$172,000

Biweekly Mortgage Calculator

How the comparison is calculated

Typical results, 30-year loans

Frequently asked questions

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