Bi-Weekly Payment
$749.44
Bi-weekly Payment Calculator
See how switching to bi-weekly payments accelerates payoff and cuts interest.
Interest Saved
$62,030.02
Payoff Time
24.5 yrs
Monthly Plan Payoff
30.0 yrs
Monthly Plan Interest
$289,595.47
How to use the Bi-weekly Payment Calculator
The Bi-weekly Payment Calculator is free and runs entirely in your browser — no sign-up, and nothing you enter leaves your device. It opens pre-filled with a realistic example, so you can see how it works before replacing any figure with your own; the results update as you type. Press Calculate to refresh the result panel, or Reset to return to the example.
The inputs it asks for:
- Loan Amount — a dollar amount.
- Annual Interest Rate — a percentage (enter 6 for 6%).
- Loan Term (Years) — a number.
The formula
Instead of 12 monthly payments, you pay half the monthly amount every two weeks. Because a year has 26 fortnights, that's 26 half-payments:
26 × (Monthly payment ÷ 2) = 13 monthly payments per year- Monthly payment
- the normal fully-amortizing payment for the loan
- 26
- bi-weekly periods in a year (52 weeks ÷ 2)
Twenty-six half-payments equal thirteen monthly payments — one extra month's worth each year, and every extra dollar lands straight on principal, so the balance (and the interest charged on it) falls faster.
Worked example
Using the example values — Loan Amount $250,000.00, Annual Interest Rate 6%, Loan Term (Years) 30 — the Bi-weekly Payment Calculator returns a Interest Saved of $62,030.02. It also reports Bi-Weekly Payment ($749.44), Payoff Time (24.5 yrs), Monthly Plan Payoff (30.0 yrs).
Prefer your own numbers? Change any field above and this recomputes instantly.
Key terms
- Bi-weekly
- Every two weeks — 26 times a year, not twice a month (which would be 24).
- Principal
- The remaining loan balance that interest is charged on.
- Amortization
- The schedule by which a loan is paid down to zero.
Frequently asked questions
Why does bi-weekly save so much?
The extra 13th payment each year goes entirely to principal, shrinking the balance early — and on a long mortgage, early principal reductions save the most interest.
Is it the same as just paying extra?
Effectively yes. Paying one extra monthly payment a year (split across 12 months, or as one lump) achieves nearly the same result. Bi-weekly just automates it.
Does my lender allow it?
Many do, but some charge a fee to set up bi-weekly drafting, and a few apply the extra only at month-end. Confirm extra amounts are applied to principal immediately.