Biweekly Mortgage Calculator

Because the extra payment is applied to principal early and repeatedly compounds its effect over a long remaining term, a $300,000 mortgage at a typical rate can pay off five or more years ahead of schedule and save tens of thousands of dollars in interest, though the exact figures scale with your loan balance, rate, and how many years remain. The savings are largest on mortgages with more years left to run.

No refinancing is required — this is purely a change in how often you send money toward the same loan, not a change to the loan's rate or terms. You do need your servicer's cooperation to apply each payment immediately rather than holding it, and some servicers charge an enrollment fee for a formal biweekly program, so it's worth asking exactly how they'll process the payments before signing up.

Yes — sending one extra full monthly payment per year, applied specifically to principal, or dividing your monthly payment by 12 and adding that fraction to every regular payment, achieves essentially the same acceleration without any servicer setup fee or dependence on their processing timing. The formal biweekly plan mainly offers automation and payment discipline rather than a mathematically superior result.

The monthly and biweekly payment figures represent your loan's scheduled, required payment under its original terms, which don't change just because you're voluntarily paying more. Any extra you add shows its effect only in the payoff-time and total-interest results, since every additional dollar goes directly toward reducing the principal balance rather than toward a contractually required payment.