Overview
A standard mortgage has 12 monthly payments per year. Biweekly payments split your monthly payment in half and pay every two weeks, resulting in 26 half-payments -- the equivalent of 13 full monthly payments per year. That one extra payment per year can save you years on your mortgage and thousands in interest.
The Biweekly Mortgage Pro shows exactly how much time and money you save by switching to biweekly payments. The Mortgage Calculator gives you the standard monthly payment baseline for comparison.
Key Differences
**Payment frequency:** Monthly means 12 payments per year. Biweekly means 26 half-payments (equivalent to 13 monthly payments).
**Extra payment effect:** Biweekly automatically makes one extra full payment per year, which goes directly to principal.
**Interest savings:** On a $300,000, 30-year mortgage at 7%, biweekly payments can save approximately $75,000 in interest and pay off the loan about 5 years early.
**Cash flow impact:** Each biweekly payment is exactly half the monthly amount, which can align better with biweekly paychecks.
**Complexity:** Monthly is simple and standard. Biweekly may require your lender's cooperation or a third-party service.
When to Use the Biweekly Mortgage Calculator
- You are paid biweekly and want payments that match your pay schedule - You want to pay off your mortgage years ahead of schedule without large extra payments - You want to see exactly how much interest you save with biweekly payments - You are comparing biweekly payments against making one extra monthly payment per year - You want a set-it-and-forget-it strategy to accelerate your payoff
When to Use the Monthly Mortgage Calculator
- You want to calculate a standard monthly payment for home shopping - You need to compare different loan amounts, rates, and terms - You want to see the full amortization schedule with monthly breakdowns - You are budgeting for housing costs with a traditional payment structure - You need the baseline monthly figure to compare against biweekly or extra payment scenarios
Frequently Asked Questions
Q: Do I need my lender to approve biweekly payments? A: Some lenders offer biweekly plans directly. Others may hold your half-payments until the end of the month. Check with your servicer to ensure payments are applied immediately.
Q: Is biweekly the same as paying extra each month? A: Nearly. Making one extra monthly payment per year achieves a similar result. Biweekly just automates it and may reduce interest slightly more due to more frequent principal reduction.
Q: Can I switch from monthly to biweekly anytime? A: Usually yes, though your lender may need to set up a new payment plan. Some charge a small enrollment fee.
Q: Are there any downsides to biweekly payments? A: The main risk is using a third-party service that charges fees or holds your payments. Going through your lender directly avoids these issues.
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- Mortgage Payoff Calculator - Refinance Optimizer - Amortization Calculator - Mortgage Points ROI