Biweekly Mortgage Payment Calculator to Calculate Early Payoff Savings

Biweekly Mortgage Payment Calculator Sign

This calculator will calculate the bi-weekly payment and the time and interest savings that will occur if you switch from making monthly mortgage payments to paying 1/2 of your mortgage payment every two weeks.

Plus, unlike other online bi-weekly mortgage calculators, the biweekly mortgage payment calculator on this page will also calculate the future value of the invested early-payoff savings.

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Biweekly Mortgage Payment Calculator

Calculate bi-weekly mortgage payment and compare the time and interest savings with monthly payments.

Special Instructions

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Mtg amt:Mortgage amount:Mortgage amount:Mortgage amount:

Mortgage amount:

Enter the new mortgage loan amount or the current pay off amount, but without the dollar sign and any commas.

$
Int rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual percentage rate (APR) of the home loan. Enter as a percentage without the percent sign (for 6%, enter 6).

%
# of years:Number of years:Mortgage term in years:Mortgage term in number of years:

Mortgage term in number of years:

Enter the number of years remaining in the mortgage repayment term.

#
Invest ROI:Invesment ROI:Expected percent return on investments:Expected percentage return on investments:

Expected percentage return on investments:

Enter the annual percentage return you expect to earn on future investments, but without the percent sign. The biweekly mortgage payment calculator will use this figure to estimate the future value of invested biweekly savings.

%
Comparative Results
Tap the text for a description of each row result.
CompCompCompareCompareMonMonMonthlyMonthlyBiwkBiwkBiweeklyBiweeklySaveSaveSavingsSavings
Pmt:Pmt:Payment:Payment:

Payment:

The first column shows how much your monthly principal and interest payment will be. The second column shows how much your biweekly payment will be (1/2 of your monthly payment). The third column is not applicable since payments are made at different time intervals.

Mons:Mons:Months:Payoff months:

Months to pay off:

The first column shows how many months it will take to pay off the mortgage when making monthly payments. The second column shows how many months it will take you to pay off the mortgage when making biweekly payments. The third column will show you how many months sooner you will pay off the mortgage by making biweekly payments instead of monthly payments.

Cost:Cost:Interest cost:Interest cost:

Interest cost:

The first column shows how much interest you will pay if you pay off the mortgage by making monthly payments. The second column shows how much interest you will pay if you pay off the mortgage by making biweekly payments. The third column will show you how much interest you will save by making biweekly payments instead of monthly payments.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Learn

What biweekly payments are, how they save you money, and how to double your savings.

What is a Bi-weekly Mortgage Payment?

In case you're not familiar with it, a biweekly mortgage payment is arrived at by dividing your monthly payment in half and then making one-half of your mortgage payment every two weeks.

As a result, you will end up making a total of 13 monthly payments per year instead of 12. As the calculator will show you, this can ...

Save you thousands of dollars in interest charges and allow you to pay off your home loan years ahead of schedule -- while you barely notice the increased principal prepayments.

However, before you start a biweekly payment program, there is something you need to watch out for.

Beware of Excessively Greedy Mortgage Companies

Since making biweekly payments results in the prepayment of principal ahead of the mortgage terms, there are unscrupulous mortgage companies that take offense to you cutting into their future profit margins.

While some lenders will simply escrow your prepayment and apply payments as they were scheduled (thumbing their nose at your early payoff efforts), others will go so far as to assess a penalty for prepaying the principal.

So before you start making bi-weekly payments, be sure to check with your mortgage company to make sure your principal prepayments will be applied as you make them, free of any prepayment penalties.

How to Double Your Bi-weekly Payment Savings

As you will discover when using the biweekly mortgage payment calculator, making 1/2 of your payment every two weeks can save thousands of dollars in interest costs and shave years off of the repayment term.

However, once you've paid your mortgage off ahead of schedule, if you simply spend the money you were paying on your mortgage, you could lose thousands of dollars in lost interest earnings.

So, since you were already accustomed to making mortgage payments, why not continue to make those payments -- but into an investment that will actually pay you interest instead of having to pay interest to others.

If you did that you might just double the bi-weekly payment savings by the time the mortgage was originally scheduled to be paid off.

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Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.