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How much would biweekly payments save you?

See how switching to biweekly payments saves years and tens of thousands in interest. The simple trick banks won't suggest.

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Your Mortgage

Average 30-year fixed rate is ~7%
Loan term

Your Biweekly Savings

Biweekly payments save you

$136,567

and you pay off 6.3 years earlier

Monthly Payments

Payment$2,661/mo
Total interest$558,036
Payoff time30 yrs, 1 mo

Biweekly Payments

Payment$1,331/2 wk
Total interest$421,468
Payoff time23 yrs, 9 mo

Balance Over Time

See how biweekly payments shrink your balance faster.

Monthly payments
Biweekly payments

The biweekly trick: By paying half your $2,661 monthly payment every two weeks, you make 26 half-payments per year - that's 13 full payments instead of 12. That one extra payment per year saves you $136,567 in interest and shaves 6.3 years off your mortgage. Banks won't suggest this because it cuts into their profit.

How to Start Biweekly Payments

1

DIY method (free): Set up automatic payments of $1,331 every two weeks, or add $222 extra to your regular monthly payment.

2

Skip the bank's program: Many banks charge fees for their biweekly program. You get the same result for free by doing it yourself.

3

Explore more early payoff strategies - combine biweekly payments with extra principal for even bigger savings.

Biweekly Mortgage Payment Calculator
whatbankshide.com
Save $136,567 in interest
Monthly payment$2,661/mo
Biweekly payment$1,331/2 wk
Interest saved$136,567
Time saved6.3 years
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How It Works

Enter your mortgage amount, interest rate, and loan term. The calculator simulates both a standard monthly payment schedule and a biweekly payment schedule side by side, so you can see the exact difference.

The biweekly advantage: By paying half your monthly payment every two weeks, you make 26 half-payments per year. That's 13 full payments instead of 12 - one extra payment annually that goes entirely to reducing your principal balance.

The balance chart: The area chart shows your remaining balance over time for both strategies. The gap between the two lines represents your savings - you can see the biweekly line pulling away further each year as the compounding effect of early principal reduction grows.

No bank fees needed: You don't need your bank's biweekly program (which often charges fees). Simply divide your monthly payment by 12 and add that amount as extra principal each month for the same result - completely free.

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Frequently Asked Questions

How do biweekly mortgage payments work?
Instead of making one monthly payment, you pay half the monthly amount every two weeks. Since there are 52 weeks in a year, that's 26 half-payments - equivalent to 13 full monthly payments instead of the usual 12. That one extra payment per year goes straight to principal, accelerating your payoff and reducing total interest.
How much do you save with biweekly payments?
On a typical 30-year mortgage, switching to biweekly payments can save you 4-6 years on your loan term and $50,000-$100,000+ in interest, depending on your loan amount and rate. The higher your interest rate and loan balance, the more dramatic the savings. Use the calculator above with your actual numbers to see your exact savings.
Do I need my bank's biweekly program?
No - and you probably shouldn't use it. Many banks charge enrollment fees or monthly fees for their biweekly payment programs. You can get the exact same result for free by either: (1) setting up your own biweekly transfers of half your payment, or (2) simply adding 1/12 of your monthly payment as extra principal each month. Both methods achieve the same mathematical result without any fees.
Are there fees for biweekly payments?
If you use your bank's official biweekly program, many charge a setup fee ($200-$400) plus a per-transaction fee ($2-$7 per payment). Over the life of your loan, these fees can add up to thousands. The DIY approach - paying half your mortgage every two weeks on your own, or adding 1/12 extra each month - costs nothing and achieves the same savings.
Is biweekly better than making one extra payment per year?
Mathematically, they're nearly identical - both result in 13 payments per year instead of 12. The biweekly approach has a very slight edge because you're reducing principal slightly earlier in the year, which means slightly less interest accrues. But the real advantage of biweekly is behavioral: it's easier to budget half a payment every two weeks (aligned with most paychecks) than to come up with a full extra payment once a year.