Interest saved and years cut by paying half every two weeks
Updated 2026-10-02
Paying half your mortgage payment every two weeks makes 26 half payments a year, the same as 13 monthly payments instead of 12. On a $300,000 30-year loan at 6.5%, that pays the loan off about 5 years 10 months early and saves about $88,122 in interest. Enter your loan and any program fees to see your numbers. Compare other extra payment plans · see the monthly schedule.
Your loan
Biweekly vs monthly
Interest saved
$88,122
vs paying $1,896.20 monthly
Paid off sooner by
5 years 10 months
paid off in 24 years 2 months
Biweekly payment
$948.10
$1,896.20 more paid each year
Program fees
$0
net saved $88,122
Estimates for planning, not a loan offer or financial advice. Every rate and cost here is a number you enter or an example you can change; confirm figures with your lender.
The monthly payment is the standard amortizing payment for your balance, rate and remaining term. The calculator then runs the loan in 14-day periods, 26 a year, charging the annual rate ÷ 26 each period, until the balance reaches zero. It runs the same loan with 12 monthly payments a year and compares total interest. Servicers that collect biweekly payments but apply them once a month credit interest differently; the savings then come almost entirely from the 13th payment.
Worked example
A $300,000 loan at 6.5% over 30 years has a monthly payment of $1,896.20. Paying $948.10 every two weeks clears it after 628 payments, about 24 years 2 months, and total interest falls from $382,633 to $294,512: $88,122 saved. If a program charged a $400 setup fee and $3 per debit, the fees would total $2,284 over the loan and the savings would not catch up with the fees until year 4.
Biweekly programs and fees
In May 2015 the Consumer Financial Protection Bureau sued a biweekly payment vendor that charged a setup fee of up to $995 and yearly processing fees of $84 to $101, alleging that consumers would pay more in fees than they saved in interest for the first several years. Before enrolling in any program, ask what it charges, whether it is run by your servicer or a third party, and when each payment is credited to your loan. Enter those fees above to see the break-even year.
Getting the same savings another way
One-twelfth extra. Adding monthly payment ÷ 12 to principal each month also adds up to one extra payment a year. Model it in the extra payment calculator.
One extra payment a year. A single extra payment each year, for example from a tax refund or bonus, gives similar savings.
Lower payment instead. If cash flow matters more than payoff speed, a lump sum and a recast lowers the payment instead.
Whether to pay a mortgage down faster depends on your rate, savings and other goals; the pay off or invest guide sets out the trade-offs. Results are estimates; your servicer's records are final.
Pay it off faster
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Prices and savings as of Oct 15, 2026, 5:05 AM UTC. Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon.com at the time of purchase will apply to the purchase of this product.
On a $300,000 30-year loan at 6.5%, paying $948.10 every two weeks instead of $1,896.20 monthly pays the loan off in about 24 years 2 months and saves about $88,122 in interest.
Why do biweekly payments pay the loan off early?
There are 52 weeks in a year, so paying every two weeks means 26 half payments, which equals 13 full monthly payments instead of 12. The extra payment each year goes to principal. Interest also accrues on a slightly lower balance between payments.
Is a biweekly payment program worth the fees?
Only if the fees are small. In 2015 the CFPB sued a biweekly program vendor that charged setup fees of up to $995 plus yearly processing fees, alleging consumers would pay more in fees than they saved in interest for the first several years. With a $400 setup fee and $3 per debit on the example loan, the interest saved does not pass the fees until year 4.
Can I get the same result without a biweekly program?
Adding one-twelfth of a monthly payment to principal each month gives almost the same savings, because it also adds up to one extra payment a year. Ask your servicer how extra principal is applied, and check that payments are credited when received rather than held.
Does a biweekly schedule lower my monthly payment?
No. Each half payment is half the monthly payment, so your monthly cash outlay is about the same, and two months a year have three biweekly payments instead of two.
