Finance
Biweekly Mortgage Savings Calculator
Compare a monthly mortgage schedule with biweekly payments.
Formula
Biweekly means 26 half-payments a year, equal to 13 monthly payments instead of 12; the extra payment each year shortens the term and cuts interest.
How it works
This is an estimate: the exact saving depends on how your lender applies biweekly payments. Some lenders hold half-payments until month-end, which reduces the benefit.
FAQs
Why does it save interest?
One extra monthly payment a year goes straight to principal.
How much time does it save?
Typically several years on a 30-year loan, depending on rate.
Do all lenders offer it?
No — some charge a fee, or you can simply make one extra payment a year yourself.
Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.
Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.