MortgageCalc

Biweekly Amortization Schedule Calculator

Calculate your biweekly mortgage payments and see how they can save you thousands in interest. Get a detailed amortization schedule for biweekly payments.

Loan Details
Enter your mortgage information to get accurate calculations

$300,000

20.0% of home price ($60,000)

Additional Costs
Monthly expenses beyond mortgage

$3,000

$1,200

Required if down payment < 20% ($0)

$0

Extra Payments
Pay off your mortgage faster

Monthly Payment

$1,517

Principal & Interest

Total Monthly

$1,867

Including all costs

Total Interest

$306,107

Over life of loan

Total Cost

$546,107

Principal + Interest

Payment Breakdown

Total Cost

$546,107
Over 30 years

Principal

$240,000
43.9% of total

Interest

$306,107
56.1% of total

Payment Breakdown

Principal43.9%
$240,000
Interest56.1%
$306,107
Interest vs Principal Ratio
You'll pay 56% in interest
That's $66,107 more than the original loan amount
Amortization Schedule
See how your loan balance decreases over time
YearPaymentPrincipalInterestBalance
1$1,517$217$1,300$239,783
1$1,517$230$1,287$237,317
2$1,517$246$1,271$234,455
3$1,517$262$1,255$231,401
4$1,517$280$1,237$228,143
5$1,517$298$1,219$224,666
6$1,517$318$1,199$220,957
7$1,517$340$1,177$216,999
8$1,517$362$1,155$212,776
9$1,517$387$1,130$208,270
10$1,517$413$1,104$203,463
11$1,517$440$1,077$198,333
12$1,517$470$1,047$192,860
13$1,517$501$1,016$187,021
14$1,517$535$982$180,790
15$1,517$571$946$174,142
16$1,517$609$908$167,049
17$1,517$650$867$159,481
18$1,517$693$824$151,405
19$1,517$740$777$142,790
20$1,517$789$728$133,597
21$1,517$842$675$123,788
22$1,517$898$619$113,323
23$1,517$958$559$102,156
24$1,517$1,023$494$90,242
25$1,517$1,091$426$77,530
26$1,517$1,164$353$63,967
27$1,517$1,242$275$49,495
28$1,517$1,325$192$34,054
29$1,517$1,414$103$17,579
30$1,517$1,509$8$0

How Biweekly Payments Work

Biweekly payments mean you make 26 half-payments per year instead of 12 full monthly payments. This results in 13 full payments per year, which can significantly reduce your loan term and total interest paid.

Biweekly vs Monthly Payments

Monthly Payments

12 payments per year × monthly payment amount = 12 total payments annually.

Biweekly Payments

26 payments per year × half monthly payment = 13 total payments annually (one extra payment).

Benefits of Biweekly Payments

  • Make one extra payment per year automatically
  • Reduce your loan term by 4-6 years typically
  • Save thousands in total interest paid
  • Build equity faster in your home
  • Pay off your mortgage sooner
  • Reduce financial stress with faster payoff

Example: $300,000 Mortgage at 6%

Monthly Payments

Payment: $1,799/month

Term: 30 years

Total Interest: $347,515

Biweekly Payments

Payment: $899.50 every 2 weeks

Term: 25.5 years

Total Interest: $275,000

Savings: $72,515

How to Set Up Biweekly Payments

  1. Contact your mortgage servicer to set up biweekly payments
  2. Ensure your lender offers biweekly payment options
  3. Understand any fees associated with biweekly payments
  4. Set up automatic payments to avoid missed payments
  5. Monitor your account to ensure payments are applied correctly
  6. Consider the impact on your monthly budget

Things to Consider

  • Some lenders charge fees for biweekly payment programs
  • Ensure payments are applied to principal, not held in escrow
  • Consider if you have the cash flow for biweekly payments
  • Check if your lender offers true biweekly vs. accelerated biweekly
  • Verify that extra payments go toward principal reduction
  • Monitor your amortization schedule for accuracy

Is Biweekly Right for You?

Biweekly payments are ideal if you have consistent income and want to pay off your mortgage faster. Our calculator shows you exactly how much you can save with biweekly payments and helps you decide if this strategy fits your financial goals and budget.