Biweekly Mortgage Calculator

- May 12, 2025
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Calculate how much you can save by making biweekly mortgage payments instead of monthly payments. Making payments every two weeks results in 26 half-payments per year (equivalent to 13 monthly payments), helping you pay off your mortgage faster and save on interest.

Loan Details

£
%
years

Payment Options

Accelerated biweekly = exactly half of your monthly payment, paid every two weeks
£
Additional amount to add to each payment

Advanced Options

About Biweekly Mortgage Payments

Biweekly mortgage payments involve making half of your monthly mortgage payment every two weeks instead of a full payment once a month. This strategy creates significant benefits for homeowners looking to save money and pay off their mortgage faster.

Why Biweekly Payments Work
  • Extra Annual Payment: With biweekly payments, you make 26 half-payments per year (equivalent to 13 monthly payments) instead of 12 monthly payments.
  • Principal Reduction: The extra payment goes directly toward your principal balance, reducing the loan term and total interest paid.
  • Alignment with Income: For those paid biweekly, this payment schedule can better align with your income pattern.
  • Compound Interest: Making more frequent payments reduces the average daily balance of your loan, which means less interest accrues over time.
Types of Biweekly Payment Options
  • Standard Biweekly: Simply divide your monthly payment by 2 and pay that amount every two weeks.
  • Accelerated Biweekly: Take your full monthly payment, divide by 2, and pay that amount every two weeks. This creates a slightly higher payment than the standard biweekly option.
  • Do-It-Yourself Method: Make your regular monthly payment, then make an additional principal-only payment each month equal to 1/12 of your monthly payment.
Important Considerations
  • Check with your lender to ensure they accept biweekly payments and properly apply the extra payments to principal.
  • Be wary of third-party services that charge fees to manage biweekly payments for you.
  • Make sure your loan doesn't have prepayment penalties before adopting this strategy.
  • Some lenders may hold the first half-payment until they receive the second half, which reduces the interest-saving benefit.

Understanding the Biweekly Mortgage Calculator

The Biweekly Mortgage Calculator is a handy tool designed to help homeowners see how much they can save by switching from monthly to biweekly mortgage payments. Instead of paying once a month, you make half your payment every two weeks. This small change can add up over time, helping you pay off your loan faster and save on interest costs.

How Biweekly Payments Work

When you make biweekly payments, you end up making 26 half-payments in a year. This is the same as making 13 full monthly payments. The additional payment reduces your principal balance quicker, which in turn lowers the total interest you’ll pay over the life of your loan. Here’s how it benefits you:

  • Extra payments go directly toward reducing your principal.
  • Your loan term gets shorter, meaning you'll pay it off sooner.
  • It helps you save money on total interest paid.

Setting Up the Calculator

The calculator is simple to use. You input your loan amount, interest rate, and loan term, along with a few Other details like your payment frequency. It will then calculate your expected savings. You can even add extra payments if you plan to pay more than the regular amount.

Payment Options Available

With the Biweekly Mortgage Calculator, you can choose between different payment options. You can go for standard biweekly payments, or opt for accelerated biweekly payments, which are slightly higher. Here’s what you need to know:

  • Standard Biweekly: Just divide your monthly payment by two.
  • Accelerated Biweekly: Pay half of your monthly payment every two weeks, resulting in a slightly higher total payment over the year.

Additional Features

The calculator offers advanced options for a more customised experience. You can choose to round up your payments or compare different payment scenarios. If you want a detailed view of how your mortgage will be paid off, you can select to see an amortisation schedule. These features help you make informed decisions about your mortgage strategy.

Visualising Your Savings

The results from the calculator show you not only the total savings on interest but also how much time you’ll save on your mortgage. It provides a clear view of when you could pay off your mortgage under both monthly and biweekly plans. The visual charts help illustrate your principal balance over time, making it easier to understand your Financial progress.

Key Insights on Biweekly Payments

Understanding biweekly payments can help you make the right choice for your finances. Some key insights include:

  • Make sure your lender allows biweekly payments.
  • Watch out for any fees from third-Party services that manage the payments.
  • Verify there are no prepayment penalties on your loan.

Why Use the Biweekly Mortgage Calculator?

This calculator is an invaluable tool for anyone considering a mortgage or looking to modify their current payment plan. By using this calculator, you can see the potential savings and pay off your mortgage sooner, giving you financial freedom. Whether you’re a first-time buyer or an experienced homeowner, this tool is here to help you make the most of your mortgage payments.