Calculator Inputs
Results
Principal vs Interest Over Time
Year-by-Year Breakdown
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,896 | $271 | $1,625 | $299,729 |
| 2 | $1,896 | $273 | $1,624 | $299,456 |
| 3 | $1,896 | $274 | $1,622 | $299,182 |
| 4 | $1,896 | $276 | $1,621 | $298,906 |
| 5 | $1,896 | $277 | $1,619 | $298,629 |
| 6 | $1,896 | $279 | $1,618 | $298,351 |
| 7 | $1,896 | $280 | $1,616 | $298,070 |
| 8 | $1,896 | $282 | $1,615 | $297,789 |
| 9 | $1,896 | $283 | $1,613 | $297,506 |
| 10 | $1,896 | $285 | $1,611 | $297,221 |
| 11 | $1,896 | $286 | $1,610 | $296,935 |
| 12 | $1,896 | $288 | $1,608 | $296,647 |
| 13 | $1,896 | $289 | $1,607 | $296,357 |
| 14 | $1,896 | $291 | $1,605 | $296,067 |
| 15 | $1,896 | $293 | $1,604 | $295,774 |
| 16 | $1,896 | $294 | $1,602 | $295,480 |
| 17 | $1,896 | $296 | $1,601 | $295,184 |
| 18 | $1,896 | $297 | $1,599 | $294,887 |
| 19 | $1,896 | $299 | $1,597 | $294,588 |
| 20 | $1,896 | $301 | $1,596 | $294,288 |
| 21 | $1,896 | $302 | $1,594 | $293,985 |
| 22 | $1,896 | $304 | $1,592 | $293,682 |
| 23 | $1,896 | $305 | $1,591 | $293,376 |
| 24 | $1,896 | $307 | $1,589 | $293,069 |
| 25 | $1,896 | $309 | $1,587 | $292,760 |
| 26 | $1,896 | $310 | $1,586 | $292,450 |
| 27 | $1,896 | $312 | $1,584 | $292,138 |
| 28 | $1,896 | $314 | $1,582 | $291,824 |
| 29 | $1,896 | $315 | $1,581 | $291,509 |
| 30 | $1,896 | $317 | $1,579 | $291,191 |
About This Calculator
How Biweekly Mortgage Payments Work
Instead of making one monthly payment, you make half of your monthly payment every two weeks. Since there are 52 weeks in a year, you make 26 half-payments — equivalent to 13 full monthly payments instead of 12. That extra payment goes directly toward your principal, helping you pay off your mortgage faster and save thousands in interest.
Key Benefits
- Pay off your mortgage several years early with accelerated biweekly payments
- Save significant interest over the life of the loan
- Align payments with biweekly paychecks
- Build equity faster
Note: Some lenders charge a setup fee for biweekly payment plans. Check with your lender before enrolling.
Frequently Asked Questions
How much can I save with biweekly mortgage payments?
On a $300,000.00 loan at 6.5% for 30 years, switching to accelerated biweekly payments can save you thousands in interest and help you pay off your mortgage several years early.
Is there a fee for biweekly payments?
Some lenders may charge a setup fee ($200-$500) or a per-payment fee. You can also DIY by making an extra principal payment equal to one month's payment each year.
Does biweekly payment help my credit score?
Making biweekly payments ensures you never miss a payment and reduces your debt faster, both of which help maintain a good credit score. However, the payment schedule itself does not directly impact your score.