One simple way to save interest on your home loan (and pay it off ahead of time) is by making biweekly mortgage payments.
My biweekly mortgage payment calculator will show you how much you need to pay and how much you’ll save if you elect to do so.
Essentially, you split your monthly mortgage payment in half and make a payment every two weeks.
As a result, you make 26 half payments over 52 weeks, which equates to 13 full payments each year. Or one extra monthly payment per year.
This is how you pay off your mortgage ahead of schedule and save on interest, without really noticing because the difference in payment is pretty subtle.
Biweekly Mortgage Payment Calculator
See how switching to biweekly payments can cut years off your mortgage and save interest with a side-by-side comparison and full amortization schedule.
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Frequently Asked Questions
Am I allowed to make biweekly mortgage payments?
Some banks, lenders, and loan servicers allow biweekly payments, while others won’t accept partial payments.
That means a half payment will just be held until you make the other half of the payment, and it will be applied normally, saving you no money.
So always ask if they accept them before you make any assumptions.
Do lenders charge you for biweekly mortgage payments?
It’s possible.
I’ve heard of lenders charging a fee for biweekly mortgage payments, whether it’s a so-called setup fee to get started and/or a fee for each payment draft.
Again, ask before you proceed to ensure payments are accepted and processed as expected.
Back in 2019, Chase launched a free biweekly mortgage payment option. And there are likely others out there like them.
How are biweekly payments applied?
Be sure to ask how and when partial/half-payments are applied to your outstanding loan balance.
Some may apply it to principal immediately, which would technically save you more money if it knocked down the balance on that day, while others might hold it and remit it monthly.
There are so-called “accelerated biweekly payment plans” where the half payment applies right away and lowers the balance immediately, reducing interest on subsequent payments.
But since most mortgages are calculated monthly in the U.S., those might be geared toward homeowners in other countries.
I suppose you could make biweekly payments on a HELOC, which are calculated daily and save more that way.
How can I do free biweekly mortgage payments?
There’s actually a simple way to do biweekly mortgage payments, even if your lender or loan servicer doesn’t explicitly allow it.
Simply add 1/12 of your monthly payment to your payment each month and you’ll accomplish the same basic thing.
For example, if your monthly mortgage payment is $1,200, divide by 12 and you get $100. Add that to the $1,200 and you’ve got a $1,300 payment (monthly).
Do it twelve times annually and you’ve made an extra mortgage payment each year, just like a biweekly mortgage program.
Just be sure the extra amount is applied to principal and not held by your mortgage company for some other reason, such as an escrow account.
Will my mortgage get paid off ahead of time with biweekly payments?
Yes, if you make them for a long enough period of time. Granted, it’s typically only a few years sooner because the difference in monthly payment isn’t huge.
But that’s kind of the magic of biweekly payments. They aren’t that much larger so you can make them without noticing much or breaking the bank.
How much can I save with biweekly mortgage payments?
It depends on your loan amount, mortgage rate, and loan term. The larger, higher, and longer these things are, the more you can save.
Use my biweekly mortgage payment calculator above to see what your particular scenario looks like!
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