What this calculator does
Biweekly mortgage payment works out time and interest saved by paying half the monthly payment every two weeks instead. Enter your own figures above and the answer updates as you type: nothing is fixed in the code, so the result reflects exactly the numbers you supply.
The formula this calculator evaluates is printed under the tool and explained below, so you can check the working by hand or reuse it in a spreadsheet.
The formula
FormulaBiweekly payment = Monthly payment / 2; 26 biweekly payments a year equal 13 monthly payments, so the extra payment is simulated as Monthly/12 added to every monthly instalment
The inputs explained
| Field | What to enter |
|---|---|
| Loan amount ($) | A number, measured in your currency. Starts at 400000. |
| Annual interest rate (%) | A number, measured in %. Starts at 6. |
| Loan term (years) | A number, measured in years. Starts at 30. |
Worked examples
Every figure in the tables below is produced by this page’s own calculator at build time, so the numbers and the tool always agree. Select any row to load that scenario.
How the answer changes with loan amount
Every other input is held at the calculator’s starting values while loan amount varies. Select any row to load that scenario into the calculator.
How the answer changes with loan amount
| Loan amount ($) | Biweekly payment | New payoff time | Interest saved |
|---|---|---|---|
| 200,000 | $599.55 | 24.6 years (vs 30 standard) | $49,110.24 |
| 300,000 | $899.33 | 24.6 years (vs 30 standard) | $73,665.36 |
| 400,000 | $1,199.10 | 24.6 years (vs 30 standard) | $98,220.48 |
| 600,000 | $1,798.65 | 24.6 years (vs 30 standard) | $147,330.72 |
| 800,000 | $2,398.20 | 24.6 years (vs 30 standard) | $196,440.96 |
| 1,200,000 | $3,597.30 | 24.6 years (vs 30 standard) | $294,661.45 |