By Bill Lyons | Published on May 30, 2025
TABLE OF CONTENTS

    Biweekly Mortgage Calculator

    Ready to see what biweekly payments can do for you? Enter your info into the biweekly mortgage payment calculator to find out.

    Biweekly Mortgage Payment Calculator
    Mortgage Information
    $
    %
    years
    Payoff Results
    With monthly payments
    Monthly payment $0.00
    Total interest $0.00
    Average interest per month $0.00
    With biweekly payments
    Biweekly payment $0.00
    Total interest $0.00
    Average interest per period $0.00
    Show amortization table +
    Principal remaining
    Year # Standard Biweekly
    ---
    Amount owed over time
    Monthly Balance
    Accelerated Balance

    What Is a Biweekly Mortgage Calculator?

    Interested in paying your mortgage off faster and paying less interest over the life of your loan? It may be time to start making biweekly mortgage payments.

    A monthly mortgage payment is standard for most lenders. On a monthly schedule, you make one mortgage payment each month, resulting in 12 mortgage payments each calendar year. When you pay your mortgage on a biweekly schedule, however, you pay half of a mortgage payment every two weeks. Over the course of a year, this results in 26 half payments or 13 full mortgage payments — one extra payment compared to a monthly schedule.

    Curious what a biweekly mortgage payment may mean for your finances? Whether you’re thinking about switching an existing mortgage to biweekly payments or exploring a new mortgage, it’s a good idea to get a clear picture of your payment options. Use our biweekly mortgage calculator to calculate the difference that biweekly payments can make.

    How Does the Biweekly Mortgage Calculator Work?

    It’s easy to use the biweekly mortgage calculator. First, enter the following information:

    • Principal loan balance: If you haven’t started paying your mortgage yet, this will be the total loan amount. If you’ve been paying your mortgage, enter the loan balance that remains.
    • Interest rate: Enter the current interest rate of your loan. Make sure to be exact down to the decimal point.
    • Loan term: The term of your loan is the number of years until the loan is due to be paid off. If you have a 30-year loan, your loan term is 30 years. Enter that info here.

    Once this information has been entered, all that’s left to do is press “Calculate”.

    Next, it’s time to see your payoff results. The biweekly mortgage calculator takes this information and generates two different calculations:

    • Monthly mortgage payments: First, the biweekly mortgage calculator tells you the details of what a monthly payment may look like. It calculates your monthly payment amount, the total interest you’ll pay over the lifetime of your loan, and the average interest you’ll pay each month.
    • Biweekly mortgage payments: Next, the biweekly mortgage calculator provides the biweekly payment information. You’ll see the biweekly mortgage payment amount, total interest you’ll pay over the life of the loan, and the average interest paid per period. You’ll notice that by making biweekly mortgage payments, you can lower the total amount of interest paid over the life of the loan.

    Under the calculator results, the biweekly mortgage calculator displays a graph of your loan balance over time when utilizing monthly payments (the black line) versus biweekly payments (the red area), listed here as the “Accelerated Balance”.

    You’ll see that with biweekly mortgage payments, your loan balance will decrease at a faster rate and you’ll pay off your loan in less time. The more quickly you pay off your loan, the less balance will remain that you need to pay interest on. That means you’ll pay less in interest over the life of your loan.

    Benefits of Biweekly Payments

    While the difference between a monthly versus biweekly mortgage payment schedule may seem minimal, the extra month’s mortgage payment each year makes a big difference in the long run. Benefits of biweekly payments include:

    • Paying off the loan faster: Because there’s an extra loan payment every year, borrowers who make biweekly payments pay off their loans much faster than monthly payment borrowers.
    • Paying less overall interest: Because the loan is paid off faster, less principal loan balance remains to pay interest on. Over time, this results in significantly less interest paid. The higher your interest rate, the more of a difference paying biweekly can make in the amount of interest you pay.
    • Building equity faster: As you pay off your mortgage, the amount you paid off becomes your equity in your home. When you pay off your mortgage more quickly with biweekly payments, you’ll build equity faster. This comes in handy if you decide to sell your home before the loan is paid off or if you want to take out a home equity loan, home equity line of credit, or cash-out refinance at some point.

    Biweekly vs. Bimonthly Payments

    A smiling young couple sitting in their living room while using a calculator and reviewing mortgage statements. 

    Some lenders also offer the option to pay a loan bimonthly. Borrowers who do so will pay half of their loan payments each month, typically on the 1st and 15th. Just like making a monthly mortgage payment, this results in 12 payments each year. The only difference is that payments are made in half, twice per month.

    Making bimonthly mortgage payments can help borrowers reduce the amount of interest paid over the life of the loan. However, they don’t have as big of an impact as biweekly mortgage payments, which help you pay off your loan faster, pay less interest over time, and build equity in your home faster.

    That said, bimonthly loan payments may be a good option for some. People who get paid on a bimonthly schedule may find this payment schedule favorable. Some may find that paying their loan immediately after receiving their paycheck works well for their cash flow and budgeting efforts. Others may simply feel better paying a smaller amount twice each month, rather than paying a lump sum all at once.

    Related Calculators

    Interested in other tools to improve your finances? We offer a range of calculators to help you understand the financial impacts of different types of loan payments, interest rates, and more:

    • Blended Rate Calculator: Do you have multiple different loans with multiple different rates? Our blended rate calculator averages these rates into a single interest rate to help you better understand how much you’re paying in interest.
    • DSCR Calculator: Use this tool to quickly estimate your debt service coverage ratio, which is a key metric in determining your eligibility for a DSCR loan.
    • VA Loan Calculator: Veteran home buyers qualify for special loans with a range of benefits, like low loan rates, no down payment, and more. Use this calculator to determine what a VA home loan may look like for you.
    • Bank Statement Loan Calculator: If you’re self-employed or an independent contractor, use our bank statement calculator to see what kind of mortgage you can qualify for using bank statements.
    • 2/1 Buydown Calculator: Use our 2/1 buydown calculator to see if temporarily buying down your interest rate is a wise decision based on your finances.
    • Debt Consolidation Calculator: A debt consolidation loan rolls multiple debts into a single payment, typically with a lower rate. See what a loan like this may look like based on your current debts.
    • VA Loan Affordability Calculator: Estimate how much home you can afford when using a VA loan.
    • Mortgage Payoff Calculator: See how changing your mortgage payment impacts your loan term and the amount of interest paid with our mortgage payoff calculator.
    • Rent vs Buy Calculator: Unsure about whether you should rent or buy? Our rent vs buy calculator can help you compare the short- and long-term costs involved with both options.

    Explore Flexible Mortgage Options

    At Griffin Funding, we offer flexible lending options and an unmatched customer experience. In addition to traditional mortgage options like conventional loans and VA loans, we also offer a wide range of non-QM loans.

    Want to learn more about your mortgage options? Reach out today and we can help you find a mortgage that best aligns with your current finances and long-term goals.

    Find the best loan for you. Reach out today!

    Get Started

    Frequently Asked Questions

    Is it better to do monthly or biweekly mortgage payments?

    Finding the right payment schedule depends on your specific needs. Biweekly mortgage payments may be a better choice if: 

    • You can afford to pay more money each year: On a biweekly payment schedule, you’ll be making one extra mortgage payment each year. It’s important to determine whether there’s room in your budget for this cost. 
    • You want to pay your loan off more quickly: Depending on the terms of your loan, making biweekly payments will enable you to pay off your loan much more quickly. Use our biweekly mortgage calculator with extra payments to see how additional payments impact your loan term. 
    • You want to pay less interest: Because you pay off your loan more quickly with biweekly mortgage payments, your loan will have less time to accrue interest and you’ll pay less interest over time. This can be especially beneficial to those with a relatively high mortgage rate. 

    What are the downsides of making biweekly mortgage payments?

    The primary downside of biweekly mortgage payments is the higher annual cost. Because you make 26 half-payments over the course of a year, or 13 full mortgage payments, you’ll make one extra loan payment annually. Depending on your loan and financials, the extra payment can be a significant burden to take on. 

    In some cases, biweekly payments may come with additional costs. Some mortgage lenders charge an extra fee for biweekly payments or charge a penalty for loans that are paid off early. It’s a good idea to research whether switching to biweekly payments with your lender has any associated fees so that you can calculate the true cost of biweekly payments. 

    Does making biweekly payments reduce the amount of interest I pay?

    Yes. By switching to a biweekly payment schedule, you’ll pay much less interest over the term of your loan. Interest accrues as a percentage of your loan’s remaining balance. Because biweekly payments lower your remaining balance at an accelerated pace, the interest on the balance will be less, too. 

    Use our mortgage calculator for biweekly payments to see the difference in total interest paid on a mortgage that’s paid monthly vs a mortgage that’s paid biweekly. 

    Bill Lyons

    Bill Lyons is the Founder, CEO & President of Griffin Funding. Founded in 2013, Griffin Funding is a national boutique mortgage lender focusing on delivering 5-star service to its clients. Mr. Lyons has 23 years of experience in the mortgage business. Lyons is seen as an industry leader and expert in real estate finance. Lyons has been featured in Forbes, Inc., Wall Street Journal, HousingWire, and more. As a member of the Mortgage Bankers Association, Lyons is able to keep up with important changes in the industry to deliver the most value to Griffin's clients. Under Lyons' leadership, Griffin Funding has made the Inc. 5000 fastest-growing companies list five times in its 11 years in business.