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Biweekly mortgage calculator
Paying half your mortgage every two weeks quietly slips in one extra full payment each year. That single payment, applied to principal, is what carves years off a 30-year loan.
Why biweekly payments work
A monthly schedule means 12 payments a year, but a biweekly schedule of half-payments lands 26 times — the same as 13 monthly payments. That 13th payment is pure principal.
Chipping away at principal early cuts the balance interest is charged on, so the effect compounds over the life of the loan.
- Extra payment: 26 half-payments equal 13 full payments — one bonus payment every year.
- Time saved: a 30-year loan typically finishes four to six years early.
- Do it free: add one-twelfth of a payment monthly instead of paying a service fee.
- Confirm application: make sure your servicer applies extra funds to principal right away.
Compare the standard schedule against extra principal in the amortization schedule, or model a target date with the early payoff calculator. To size the underlying payment first, start with the monthly payment tool.
Frequently asked questions
How does a biweekly mortgage actually pay off the loan faster?
You pay half your monthly amount every two weeks. Because a year has 52 weeks, that works out to 26 half-payments — the equivalent of 13 full monthly payments instead of 12. That one extra payment goes straight to principal, which on a typical Michigan loan trims roughly four to six years off a 30-year term.
Does my Michigan lender have to accept biweekly payments?
Not always. Many servicers hold the half-payment and only apply it once the full monthly amount arrives, which erases the benefit. Ask whether extra funds are applied to principal immediately. If not, you can get the same result yourself by paying one-twelfth extra each month.
Should I pay a company to set up biweekly payments?
Usually no. Third-party biweekly services often charge setup and per-transaction fees for something you can do free. Simply divide one monthly payment by twelve and add that to every payment, or make one full extra payment a year. The savings are identical without the fee.