Use Our Biweekly Mortgage Calculator
Advanced Biweekly Mortgage Calculator
What Are Biweekly Mortgage Payments?
A biweekly mortgage payment plan means you pay half of your monthly payment every two weeks. Instead of 12 payments a year, you make 26 payments. This equals 13 monthly payments in a year. That extra payment helps you pay off your loan faster.
For example:
- If your monthly payment is 1,200, you’ll pay 1,200 you’llpay600 every two weeks.
- By the end of the year, you’ll have paid an extra $1,200 toward your principal balance.
This extra payment reduces your loan faster and saves you money on interest.
Why Choose Biweekly Payments?
- Pay Off Your Loan Faster
With 26 payments per year, you’re making one extra payment annually. This can shorten your loan term by several years. For example, a 30-year loan could be paid off in 26 years. - Save on Interest
Paying more toward your principal balance means less interest over time. On a 250,000loanwitha4250,000loanwitha410,000. - Easier Budgeting
If you get paid every two weeks, biweekly payments match your paycheck schedule. This makes it easier to manage your money. - Build Home Equity Faster
Paying down your loan faster increases your home equity. This is helpful if you want to sell, refinance, or take out a home equity loan.
How to Use a Biweekly Mortgage Calculator
A biweekly mortgage calculator shows you how much you can save. Here’s how to use it:
- Enter Your Loan Details: Include your loan amount, interest rate, and loan term. You can find these in your loan agreement.
- Choose Biweekly Payments: Select the biweekly payment option to see how it affects your loan.
- Add Extra Payments (Optional): Some calculators let you include principal payments. Even small amounts can make a big difference.
- Review the Results: See how much you’ll save on interest and how much faster you’ll pay off your loan.
Frequently Asked Questions
- How do biweekly payments shorten the loan term?
By making 26 payments per year, you’re paying an extra month’s payment annually. This reduces your principal balance faster, cutting your loan term. - Can I set up biweekly payments with any lender?
Not all lenders offer biweekly payments, but you can make extra payments manually to achieve the same effect. - Are there fees for biweekly payments?
Some lenders charge fees for setting up biweekly payments. Always check with your lender first. - Can I switch back to monthly payments?
Yes, most lenders allow you to switch between payment plans. Confirm the terms with your lender. - Is a biweekly plan right for me?
If you have a steady income and can manage smaller, more frequent payments, biweekly payments are a great option. If your income varies, monthly payments might be better.
Example: Biweekly vs. Monthly Payments
Loan Details | Monthly Payments | Biweekly Payments |
Loan Amount: $250,000 | $1,200 | $600 |
Interest Rate: 4% | $179,674 (Total Interest) | $165,870 (Total Interest) |
Loan Term: 30 Years | 30 Years | 26 Years |
Total Payments Over Term | 360 | 312 |
Final Thoughts
A biweekly mortgage calculator is a powerful tool to save money and pay off your home loan faster. By switching to biweekly payments, you can reduce your loan term, save on interest, and build home equity quicker. Talk to your lender about biweekly payment options and take control of your mortgage today.