Biweekly Mortgage Payment Calculator

Interest falls in this model only if each half-payment is applied to the loan.

Published by the Mortgage Guide editorial team. Rate assumptions and content updated October 2026. This page is educational. It is not a loan offer, approval, or personalized financial advice.

Twenty-six half-payments equal 13 full monthly payments a year. This model applies each half-payment to the loan. If a servicer only drafts biweekly and still applies one payment a month, you may not get this interest savings.

Loan amount

Interest rate

Term in years

First payment month

Monthly payment $1,199.10

Half-payment $599.55, paid 26 times a year

Interest on the monthly schedule $231,677.04

Interest on the biweekly model $182,052.94

Interest saved $49,624.10

Monthly payoff September 2056

Biweekly payoff March 2051

How this calculator works

The monthly payment is the standard amortizing payment.
The biweekly draft is half of that payment.
Twenty-six half-payments equal thirteen monthly payments.
Interest is calculated every biweekly period on the remaining balance.

A biweekly draft is not always a biweekly application

Some programs withdraw half a payment every two weeks, hold the money, and still send the servicer one payment a month. That matches your budget to your paycheck, but it may not cut interest the way this model does.

Ask whether each half-payment posts to principal. If it does not, an extra monthly principal payment can be the more direct version of the same idea.

Sources

CFPB: Owning a home

Common questions

Why is the interest lower?

Because the model applies 13 monthly payments each year and credits principal sooner. A program that does not apply payments that way will not match these savings.

Is the payoff date exact?

It is the date implied by counting biweekly periods and converting them back to months. Your servicer's posting calendar can differ by a short period.

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