Weekly Mortgage Payment Calculator to
Compare Mortgage Interest Savings

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Shows you the time and interest savings that could occur if you switched from making monthly mortgage payments to weekly or biweekly payments.

This free online Weekly Mortgage Payment Calculator will calculate the weekly payment and associated interest costs for a new mortgage.

Or, if you are already making monthly house payments, this weekly payment mortgage calculator will calculate the time and interest savings you might realize if you switched from making 12 monthly payments per year, to making the equivalent of 13 or 14 payments per year on a bi-weekly or weekly basis.

Plus, I recently added a field wherein you can enter an optional, extra weekly payment amount to be added to the calculated weekly payment amount. You'll be amazed at how much a small extra amount per week can save you in time and interest over the long run.

Weekly Mortgage Payments Vs. Monthly

If you simply enter the terms for a new home loan into the weekly mortgage payment calculator, you will note that you may only save a couple of hundred dollars by choosing to repay the home loan using weekly mortgage payments vs. monthly mortgage payments. This is because the annual total of your weekly mortgage payments will be close to the same as the annual total of your monthly payments.

In order to save a large chunk of time and interest, you need to increase the annual total of your payments. One way to do that -- while hardly noticing the increase -- is to simply make 1/2 of your monthly house payment every two weeks. This will result in making 26 bi-weekly payments per year, which is the equivalent of making 13 monthly payments per year instead of 12.

Now you would think that we could double the savings if we use the same process to switch from monthly payments to making weekly mortgage payments. However, if you divide your monthly payment by 4 and pay that result on a weekly basis, you will see that the annual total of your 52 weekly payments would be identical to making 26 bi-weekly payments.

Therefore, in order to significantly increase your bi-weekly mortgage interest savings when switching to a weekly repayment method, you would need to look at making the equivalent of 14 monthly payments per year instead of the 13 you would make using the bi-weekly payment method. In other words, your weekly mortgage payments would be calculated as follows:

Weekly payment = Monthly payment x 14 ÷ 52

The above formula is the one used by the weekly mortgage payment calculator on this page, which results in making the equivalent of 14 monthly payments per year.

Beware of Excessively Greedy Mortgage Companies

Since switching to weekly payments results in the prepayment of principal ahead of the original home loan terms, there are numerous, unscrupulous mortgage companies out there that take offense to you cutting into the massive year-end bonuses they have promised to their executives. While some of these companies will simply escrow your prepayment and apply payments as they were scheduled (giving you "the finger" for your early payoff attempt), the more dastardly among them will go so far as to charge you a penalty for prepaying the principal.

In any case, before you start making weekly mortgage payments, be sure to check with your home loan company to make sure your principal prepayments will be applied to the balance as you make them -- free of any prepayment penalties.

With that, let's use the Weekly Mortgage Payment Calculator to calculate weekly mortgage payments either for a new mortgage, or for comparing mortgage interest savings when switching from making monthly payments to bi-weekly or weekly payments.

Weekly Mortgage Payment Calculator
Calcy sign introducing the Weekly Mortgage Payment Calculator


Instructions: Enter the new or original home loan amount, the annual percentage rate (APR), and the new or original home loan term in years.

Next, enter the number of monthly payments made (if applicable) and any extra amount you would like to apply to the calculated weekly payment, and then click the "Calculate Weekly Mortgage Payments" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Weekly Mortgage Payment Calculator.

Updated January 22, 2014: By popular request I have added an estimated payoff date comparison row to the results. If you have used this calculator in the past you may need to refresh the page (F5 key) once or twice to insure you are using the updated version.

Help New or original mortgage amount ($):
Help Annual interest rate (%):
Help Mortgage term in number of years (#):
Help Number of monthly payments already made (#):
Help Extra amount you could add to weekly payment (optional $):
Help Weekly mortgage payments:
Help Weekly mortgage payments interest cost:
Compare Switching From Monthly to Biweekly or Weekly
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Terms
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Monthly
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Weekly
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Savings
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Months:
Interest:
Est. Payoff:  

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Weekly Mortgage Payment Calculator Glossary of Terms

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New or original mortgage amount: If you want to see what the weekly payment would be on a new mortgage, enter the new mortgage amount. If you have an existing mortgage and want to see how much you could save by switching to a bi-weekly or weekly payment, enter the original mortgage amount.

Annual interest rate: Enter the annual percentage rate (APR) of the home loan. Enter as a percentage (for .06, enter 6%).

Mortgage term in number of years: Enter the term of the new or original home loan in number of years.

Number of monthly payments already made: If this is an existing mortgage, enter the number of monthly payments you have already made. If this is a new mortgage, enter a zero or leave blank.

Extra amount you could add to weekly payment: Optional: If you would like to see how adding an extra weekly amount would affect the payoff time and interest savings, enter the amount here. Note that it may help to calculate the weekly payment amount and savings without an extra payment first, and then if it appears you can afford an extra weekly amount, come back to this field enter the amount you can afford and recalculate.

Weekly mortgage payments: Based on your entries, this would be the weekly payment for a new mortgage with the entered terms. Note that is for new mortgages and therefore does not account for any payments made on an existing mortgage.

Weekly mortgage payments interest cost: Based on your entries, this would be the total interest cost of a new home loan based on making weekly mortgage payments. Note that is for new mortgages and therefore does not account for any payments made on an existing mortgage.

Monthly column: This column displays the payment, number of months remaining, total interest cost, and estimated payoff if you continue making 12 monthly payments per year. The monthly payment is calculated based on the original mortgage amount, the annual interest rate, the original term, and the number of payments already made, and therefore does not include escrowed taxes or insurance.

Biweekly column: This column displays the payment, number of months remaining, total interest cost, and estimated payoff if you start making 1/2 of your monthly mortgage payment every two weeks. These 26 biweekly payments equate to 13 monthly payments per year instead of just 12. The biweekly payment is calculated by dividing the monthly payment by 2.

Weekly column: This column displays the payment (including any extra amount you entered), number of months remaining, total interest cost, and estimated payoff if you start making the equivalent of 14 payments per year by dividing the total of 14 monthly payments by 52 weeks (plus any extra amount you entered).

Savings column: This column displays the time and interest savings that will occur if you switch from making 12 monthly payments per year, to dividing the total of 14 monthly payments by 52 and paying that amount on a weekly basis.

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