Biweekly mortgage is the type of mortgage loan payment plan in which borrower makes payments toward the principal and interest every two weeks instead of once monthly. The online biweekly mortgage payment calculator will show you how much you will save if you make half of your mortgage payment every two weeks instead of making a full mortgage payment once a month. Although it depends on other factors such as the interest rate of the loan, a biweekly mortgage payment plan saves money over the life of the loan. So, by the end of each year, you will have to pay 13 full payments instead of making 12 full payments each year.

Terms associated with Bi-weekly Payment Calculator

Accelerated bi-weekly payments

These payments are calculated by taking a monthly payment schedule and assuming there are only 4 weeks in a month. You can easily calculate bi-weekly payment by dividing your normal monthly payment into two equal parts. So, you have to pay 26 biweekly payments at the end of a year.

Mortgage amount

The total amount of your mortgage.

Interest Rate

The interest rate on your mortgage.

Mortgage term

This will be the number of years over which you would repay your loan if you made your normal monthly payment.


How Bi-Weekly Payments Work?

The Bi-weekly mortgage payment comes from the fact that there are 52 weeks in a year, so you would have 26 payments. If you make two payments each month, you would have 24 payments in a year. So, the bi-weekly method is making you 2 extra payments each year, which is equivalent to one extra monthly payment.


For instance, Letā€™s say your current mortgage monthly payment is $2,000 i.e. you will have to spend $24,000 on twelve payments. If you decide to use bi-weekly payment method you can then make a $1000 payment every two weeks. So, you will have to make $26,000 (1000Ɨ26) in total payments. The extra $2,000 was directly applied to your principal, thus reducing the amount you will spend on interest and you will be able to pay off your mortgage faster.


To calculate bi weekly payments, you can use online biweekly mortgage payment calculator. You have to enter the value of the mortgage amount, interest rate, and mortgage term. Click the ā€œCalculateā€ tab to get the normal payment (monthly) and accelerated payment (bi-weekly).


The Pros and Cons of a Bi-weekly Mortgage Plan

One of the most precious assets that you are likely to possess is your home. But, owning a home is not as easy as you think as it involves the long term mortgage that must be paid off. Mortgages often stretch out 25 and 30 years with interest and principal repayments. Usually, mortgage payments are made on a monthly basis. But, some banks and mortgage companies offer a bi-weekly payment option as described above. The pros and cons of a bi-weekly mortgage plan are the following:-


The Pros

  • Most of the people finds that bi-weekly mortgage plan fits better for their budget as it is easier to plan for a smaller payment amount- especially if they are paid every two weeks.
  • You will have to pay less in interest over the life of the mortgage
  • You will also be speeding up the time it takes to build equity in your home.
  • The bi-weekly plan compels you to make extra mortgage payments.

The Cons

  • The appointed marketing company or your lender may charge a fee to set up your bi-weekly mortgage plan; it can also include a fee for each bi-weekly payment.


  • If your budget doesnā€™t allow paying more for your mortgage every year, the bi-weekly plan is not the right move for you. You should not neglect the importance of having an emergency savings fund or paying your bills.
  • If you have set up your mortgage payment via direct debit from your bank account, taking out a payment every two weeks could catch you out if the funds are not there. This would result in charges for insufficient funds from both bank and your lender.


We have given a brief description of bi-weekly mortgage payment calculator. We hope the information given by us immensely help you to use this online tool to find out your bi-weekly mortgage payment.