Biweekly Mortgage Calculator
See how much you can save with biweekly mortgage payments.
Inputs
Biweekly payment schedule (U.S.)
Used to compute equivalent monthly P&I; payoff may be sooner with biweekly
Results
Biweekly payment and payoff
Biweekly Payment
$885
Equivalent Monthly P&I
$1,770
Years to Payoff
24.15
Total Interest
$274,873
Total Payment
$554,873
Balance Over Time
Remaining balance by year (25 years to payoff)
Principal vs Interest by Year
All 25 years
Yearly Breakdown
First 15 years. Download full schedule for all 25 years.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,961 | $18,047 | $275,039 |
| 2 | $5,293 | $17,714 | $269,746 |
| 3 | $5,648 | $17,359 | $264,097 |
| 4 | $6,027 | $16,980 | $258,070 |
| 5 | $6,432 | $16,576 | $251,639 |
| 6 | $6,863 | $16,144 | $244,776 |
| 7 | $7,323 | $15,684 | $237,452 |
| 8 | $7,814 | $15,193 | $229,638 |
| 9 | $8,339 | $14,669 | $221,299 |
| 10 | $8,898 | $14,110 | $212,401 |
| 11 | $9,495 | $13,513 | $202,907 |
| 12 | $10,132 | $12,876 | $192,775 |
| 13 | $10,811 | $12,196 | $181,964 |
| 14 | $11,536 | $11,471 | $170,428 |
| 15 | $12,310 | $10,697 | $158,118 |
Biweekly Schedule
First 26 periods (1 year). Download full schedule for all 628 periods.
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $885 | $185 | $700 | $279,815 |
| 2 | $885 | $185 | $700 | $279,630 |
| 3 | $885 | $186 | $699 | $279,444 |
| 4 | $885 | $186 | $699 | $279,258 |
| 5 | $885 | $187 | $698 | $279,071 |
| 6 | $885 | $187 | $698 | $278,884 |
| 7 | $885 | $188 | $697 | $278,696 |
| 8 | $885 | $188 | $697 | $278,508 |
| 9 | $885 | $189 | $696 | $278,319 |
| 10 | $885 | $189 | $696 | $278,130 |
| 11 | $885 | $190 | $695 | $277,940 |
| 12 | $885 | $190 | $695 | $277,750 |
| 13 | $885 | $191 | $694 | $277,560 |
| 14 | $885 | $191 | $694 | $277,369 |
| 15 | $885 | $191 | $693 | $277,177 |
| 16 | $885 | $192 | $693 | $276,985 |
| 17 | $885 | $192 | $692 | $276,793 |
| 18 | $885 | $193 | $692 | $276,600 |
| 19 | $885 | $193 | $692 | $276,407 |
| 20 | $885 | $194 | $691 | $276,213 |
| 21 | $885 | $194 | $691 | $276,018 |
| 22 | $885 | $195 | $690 | $275,824 |
| 23 | $885 | $195 | $690 | $275,628 |
| 24 | $885 | $196 | $689 | $275,432 |
| 25 | $885 | $196 | $689 | $275,236 |
| 26 | $885 | $197 | $688 | $275,039 |
How It Works
Step 1: Enter Your Loan Details
- Loan Amount ($): The total amount you plan to borrow for your mortgage.
- Down Payment ($): The amount you’ll pay upfront at closing.
- Interest Rate (%): The annual interest rate on your mortgage.
- Loan Term (Years): The length of your mortgage, typically 30 years.
Step 2: Calculate
Click “Calculate” to see your results. Use “Reset” to clear all fields and start over.
Step 3: Review Your Results
The calculator will display:
- Biweekly Payment: The amount you’ll pay every two weeks.
- Equivalent Monthly P&I: What you’d pay monthly for principal and interest, for comparison.
- Years to Payoff: How long it will take to pay off the loan with biweekly payments.
- Total Interest: The total interest you’ll pay over the life of the loan.
- Total Payment: The sum of all principal and interest paid.
Step 4: Visualize Your Mortgage
- Balance Over Time: See your remaining loan balance each year, up to 25 years, in a clear visual chart.
- Principal vs Interest by Year: Track how much of your payment goes toward principal versus interest annually.
- Yearly Breakdown: Review a table showing principal paid, interest paid, and remaining balance for the first 15 years.
- Biweekly Schedule: Explore the first 26 payment periods (one year) in detail; download the full schedule for all periods.
Step 5: Export and Share
- Copy: Copy results for your records.
Export PDF/Excel: Download your results and full schedules in PDF or Excel format for easy reference or sharing.
Understanding Biweekly Mortgages
A biweekly mortgage is a loan repayment plan in which you make payments every two weeks instead of once a month. This approach means you make 26 half-payments per year, equivalent to 13 full monthly payments rather than 12.
Over time, this annual extra payment can significantly reduce your total interest payments and help you pay off your mortgage sooner.
People often choose a biweekly schedule to save money on interest and build home equity faster. For example, on a 30-year fixed mortgage, switching to biweekly payments can shorten your loan term by several years. This can make a big difference, especially for those aiming to become debt-free sooner or save for other financial goals.
How This Calculator Helps
This Biweekly Mortgage Calculator is designed to show you exactly how switching to a biweekly payment schedule can impact your home loan. By entering your loan amount, down payment, interest rate, and loan term, you’ll see:
- Your biweekly payment amount
- The equivalent monthly principal and interest (P&I) payment for comparison
- The number of years it will take to pay off your loan with biweekly payments
- Total interest paid over the life of the loan
- Your total payment (principal + interest)
Additionally, you can view your remaining balance by year, see a breakdown of principal versus interest paid annually, and review a detailed payment schedule. The calculator makes it easy to visualize and understand the financial benefits of biweekly payments.