See what happens if you pay half your mortgage payment every two weeks instead of the full payment monthly: the payoff time and the interest saved.
Rates here are editable examples, not today's rates. Use the rate from your own quote or Loan Estimate.
Estimates for planning, not financial, tax or legal advice. Figures use US rules unless the page says otherwise.
How biweekly payments work
A year has 52 weeks, so paying every two weeks means 26 half payments. That's 13 full monthly payments a year instead of 12. The extra payment goes to principal, which is where all of the savings come from.
How it's calculated
Monthly payment M = L × i ÷ (1 − (1 + i)−n), i = rate ÷ 12
Biweekly payment = M ÷ 2, with interest of rate ÷ 26 charged every 2 weeks
Each period: balance = balance × (1 + rate ÷ 26) − M ÷ 2
This is a "true" biweekly plan, where each half payment is applied as soon as it's made. The schedule runs until the balance is paid.
Worked example
$300,000 at 6.5% for 30 years is $1,896.20 a month and $382,633 of interest. Paying $948.10 every two weeks clears it in 628 payments, about 24 years 2 months, with $294,512 of interest. That saves $88,122.
Adding 1/12 of a payment ($158.02) to each monthly payment does almost the same thing: payoff in 24 years 2 months. The comparison table shows both.
Watch out for biweekly programs with fees
Some payment companies charge to set up "biweekly" plans. In 2015 the CFPB took action against one that charged a $295 enrollment fee plus $2.50 per debit. It held the money and paid the mortgage on the normal monthly schedule. The CFPB said any savings came from paying more each year, not from paying more often. Ask your servicer whether it accepts biweekly payments or extra principal for free.
Limitations
- Many servicers only credit full payments. If yours holds half payments until the second half arrives, you save a little less than shown.
- Months are approximate: 26 payments is one year.
- Escrow for taxes and insurance isn't included.
Sources
How we checked this
Before every update, this calculator is run in a real browser with these known answers, and it must match all of them:
- $300,000 at 6.5% for 30 years: $948.10 every 2 weeks ✓
- Same: 628 payments, about 24 years 2 months ✓
- Same: $88,121.78 interest saved ✓
- $250,000 at 7% for 15 years: $22,547.83 saved ✓
- 0% loan: still 360 payments, no interest saved ✓
Last checked October 26, 2026. Spotted something wrong? The math is done in your browser with the formula shown on this page, so you can check any result by hand.
Questions people ask
Do biweekly payments really save money?
Yes, because you make the equivalent of 13 monthly payments a year. On $300,000 at 6.5% for 30 years, biweekly payments save about $88,000 and end the loan almost 6 years early.
How do I make an amortization schedule with biweekly payments?
Use half the monthly payment, charge interest at the annual rate ÷ 26 each period, and subtract the payment. The calculator does this for every period until the loan is paid.
Is biweekly the same as paying extra each month?
Close. Adding 1/12 of a payment every month puts the same extra money in each year and gives almost the same payoff date.
Should I pay a company to set up biweekly payments?
Usually not. The savings come from paying more, which you can do for free by sending extra principal to your servicer.