Your result
What your result means
Your monthly payment is $1,896.20, or $22,754 a year. Paying $948.10 every two weeks means 26 payments, or $24,651 a year — one extra monthly payment. Applied to principal, that pays off the loan in 24 years 2 months instead of 30 years, saving 5 years 10 months and $87,259 in interest.
The math
Formula and sources
Biweekly payment = M ÷ 2 Paid per year = 26 × (M ÷ 2) = 13 × M Model: the 13th payment is credited as extra principal, M ÷ 12 per month
- M
- monthly principal-and-interest payment
- P
- amount borrowed (price minus down payment)
- r
- monthly interest rate = annual rate ÷ 12
- n
- number of monthly payments = years × 12
Most servicers hold half payments and post them monthly, so the benefit comes from the extra payment rather than from more frequent compounding. We model it that way, which gives a slightly conservative estimate.
Sources we checked this against
- 1Primary Mortgage Market Survey (30-year fixed average)Freddie Mac · freddiemac.com
- 2Loan Estimate sample H-24(B), fixed-rate loanConsumer Financial Protection Bureau · files.consumerfinance.gov
- 3A Consumer's Guide to Mortgage RefinancingsFederal Reserve Board · federalreserve.gov
- 4PMT function (payment formula and examples)Microsoft Support · support.microsoft.com
- 5Enforcement action: Nationwide Biweekly Administration (biweekly program fees)Consumer Financial Protection Bureau · consumerfinance.gov
Formula last checked 2026-11-05. Found an error? Tell us and we will fix it.
Data: See the monthly payment on a $100k to $1M house (Census and Freddie Mac data, free CSV).
Data: See the monthly payment on the median home in every state (Census and Freddie Mac data, free CSV).
Biweekly mortgage payments
How many biweekly mortgage payments are in a year?
26. A year has 52 weeks, so paying every two weeks means 26 half payments, which add up to 13 full monthly payments instead of 12. That 13th payment goes straight to principal, and that is the whole source of the savings. Paying twice a month (on the 1st and 15th, say) is different: that is 24 half payments, exactly 12 monthly payments, and saves nothing.
A calendar year is 365 days, a little more than 52 weeks, so roughly once every 11 years a year contains 27 biweekly dates. Servicers still credit your loan month by month, so this does not change the result much.
Is a biweekly mortgage payment worth it?
If it is free and the bigger yearly outlay fits your budget, usually yes. Here is a typical new loan, run through this calculator's own formula: $300,000 borrowed for 30 years at 7.24%, Freddie Mac's average 30-year fixed rate for the week of October 29, 2026 (Primary Mortgage Market Survey).
| $300,000, 30 years, 7.24% | Monthly | Biweekly |
|---|---|---|
| Payment | $2,044.49 a month | $1,022.25 every 2 weeks |
| Paid per year | $24,533.88 (12 payments) | $26,578.37 (26 half payments) |
| Paid off in | 30 years | 23 years 7 months |
| Total interest | $436,022 | $325,739 |
| You save | – | $110,283 and 6 years 5 months |
The saving comes from the extra $2,044.49 a year going to principal early in the loan, when the balance and the interest on it are highest. A higher rate or a bigger balance makes the saving larger; with less than 10 years left it is much smaller.
Pros
- Large interest saving and an earlier payoff ($110,283 and 6 years 5 months in the example above) without refinancing.
- Half payments can line up with a biweekly paycheck, which some people find easier to budget.
- You can stop at any time and go back to the normal monthly payment.
Cons
- Fees. Some servicers and third-party companies charge to set up a biweekly plan. In its case against one such company, the CFPB found a setup fee of up to $995 plus $3.50 per payment ($91 a year). On the loan above, those fees would cost more than the interest saved for the first 4 years and about $3,141 over the life of the loan.
- Half payments may sit unapplied. Many servicers hold a half payment in a suspense account until the other half arrives, so you get no benefit from paying early in the month. Ask how they credit partial payments.
- Your money is locked in the house. The extra $2,044.49 a year cannot be taken back out without selling or borrowing. Paying off higher-rate debt or building an emergency fund usually comes first.
The free way to get the same result: add one twelfth of your payment, $170.37 here, to each monthly payment and mark it as extra principal. That gives the same 13 payments a year with no enrollment and no fees. Model other amounts with the extra payment calculator.
Step by step
Two worked examples
CFPB sample loan
Biweekly payment
$380.89
- Loan amount
- $162,000
- Interest rate
- 3.875%
- Loan term
- 30 years
The CFPB sample payment of $761.78 becomes $380.89 every two weeks. The loan ends in 26 years and saves $17,032.
Higher-rate loan
Biweekly payment
$997.96
- Loan amount
- $300,000
- Interest rate
- 7%
- Loan term
- 30 years
At 7% the monthly payment is $1,995.91. Biweekly payments of $997.96 finish the loan in 23 years 9 months — 6 years 3 months early — and save $102,425, because a higher rate makes each extra dollar worth more.
| Result | Example 1 | Example 2 |
|---|---|---|
| Biweekly payment | $380.89 | $997.96 |
| Time saved | 4 years | 6 years 3 months |
| Interest saved | $17,032 | $102,425 |
Questions
Frequently asked questions
How many biweekly mortgage payments are in a year?
26. A year has 52 weeks, so paying every two weeks gives 26 half payments, which equals 13 full monthly payments instead of 12. That one extra payment a year goes to principal, which is where the savings come from. Because 365 days is slightly more than 52 weeks, roughly once every 11 years a calendar year contains 27 biweekly dates.
Is a biweekly mortgage payment worth it?
Usually, if it costs nothing. On a $300,000 30-year loan at 7.24% (Freddie Mac's average for the week of October 29, 2026), paying $1,022.25 every two weeks instead of $2,044.49 a month pays the loan off in 23 years 7 months and saves $110,283 in interest. It is not worth paying a company for: fees like the $995 setup plus $3.50 per payment in a CFPB case would outweigh the savings for the first 4 years. Adding $170.37 a month to principal gets the same result free.
How much does paying a mortgage biweekly save?
About one extra monthly payment a year toward principal. On a $300,000, 30-year loan at 7.24% that is $110,283 in interest and 6 years 5 months off the term. The saving grows with the rate and the balance and shrinks when fewer years are left; enter your own loan above for an exact figure.
Should I pay a company to set up biweekly payments?
Usually not. Some third-party programs charge setup or per-payment fees that eat into the savings. You can get the same effect free by adding one-twelfth of your payment as extra principal each month.
Does my lender have to accept biweekly payments?
Not necessarily. Ask your servicer how partial payments are handled. If they hold half payments in suspense until a full payment arrives, the result matches this calculator.
Is biweekly the same as twice a month?
No. Twice a month is 24 half payments a year — exactly 12 full payments, so no extra principal. Every two weeks is 26 half payments, which is where the 13th payment comes from.