Bi-Weekly Mortgage Calculator

Pay Off Your Mortgage Faster and Save Thousands

A bi-weekly mortgage payment plan is a powerful strategy to accelerate your loan payoff, build equity faster, and save a significant amount of money on interest. Instead of making one full mortgage payment each month, you make a half-payment every two weeks. Because there are 26 two-week periods in a year, this results in 26 half-payments, which is equivalent to 13 full monthly payments. This single extra payment each year is applied directly to your principal, dramatically shortening your loan term.

This calculator is designed to show you the precise impact of switching to a bi-weekly schedule. It provides a complete financial picture by estimating your full PITI (Principal, Interest, Taxes, and Insurance) payment and allowing you to enter your specific PMI cost. Use this tool to compare a standard monthly plan against an accelerated bi-weekly plan and see your potential savings visualized in charts and a detailed amortization schedule.

A modern family home with a green lawn, representing a property purchased with a biweekly mortgage plan.

Image by Binyamin Mellish from Pexels (Copyright-Free)

How to Use This Calculator

  1. Enter Purchase & Housing Costs: Input the home price, your down payment, and estimated annual property taxes, home insurance, and PMI.
  2. Enter Loan Details: Add the annual interest rate and the original loan term in years.
  3. Calculate Your Savings: Click the "Calculate" button to see your results.
  4. Analyze Your Payoff Plan: The calculator will automatically compare a standard monthly payment schedule with an accelerated bi-weekly plan, showing you the potential savings in time and money.

Understanding the Inputs

  • Home Price ($): This is the full purchase price of the property you intend to buy.
  • Down Payment ($): This is the upfront, out-of-pocket amount you pay towards the home's price. This amount is subtracted from the Home Price to determine the total amount you need to borrow (the loan principal).
  • Annual Property Tax ($): This is the total amount you expect to pay in property taxes for one full year. The calculator divides this by 12 to add it to your monthly PITI payment, as lenders typically collect it in an escrow account.
  • Annual Home Insurance ($): This is the yearly premium for your homeowner's insurance policy, which protects against damage to the property. Like taxes, this is usually collected monthly in your escrow account.
  • Annual PMI ($): PMI stands for Private Mortgage Insurance. It's an insurance policy that protects the lender and is usually required if your down payment is less than 20% of the home's price. If you know your annual PMI cost, enter it here. Otherwise, leave it as 0.
  • Annual Interest Rate (%): This is the yearly interest rate for the loan.
  • Loan Term (Years): This is the total length of time you have to repay the mortgage, typically 30 or 15 years.

Enter Your Loan Details

Your Payment Breakdown

Principal vs. Interest (Standard Plan)

Loan Payoff: Monthly vs. Bi-Weekly

Compare Bi-Weekly vs Standard Monthly Payments

Amortization Schedule: Monthly vs. Bi-Weekly

Frequently Asked Questions (FAQs)

How do I set up a bi-weekly payment plan?

You have a few options. Some lenders offer official bi-weekly payment programs, though they may charge a fee. A free alternative is to do it yourself: simply divide your monthly payment by 12 and add that amount to your regular payment each month. Ensure the extra amount is designated to go directly toward the principal. This calculator helps you see the effect of making that 13th payment.

Is a bi-weekly plan the same as making two payments a month?

No, and this is a critical distinction. The power is in the frequency. Let's use an example where your monthly Principal & Interest payment is **$1,200**.

Scenario 1: Making Two Payments a Month (Semi-Monthly)

  • Payment: $1,200 / 2 = **$600**
  • Frequency: Twice a month (e.g., 1st and 15th)
  • Total Annual Payments: 24 payments = **$14,400** (12 x $1,200)

Result: You've paid the exact same amount as a standard monthly plan. There is no time or interest saved.

Scenario 2: A True Bi-Weekly Plan

  • Payment: $1,200 / 2 = **$600**
  • Frequency: Every two weeks
  • Total Annual Payments: 26 payments = **$15,600** (13 x $1,200)

Result: Those two extra half-payments add up to one full extra monthly payment per year. This extra payment goes directly to your principal, which is why you pay off the loan years faster and save thousands in interest.

What is PITI?

PITI stands for Principal, Interest, Taxes, and Insurance. This represents your total monthly housing payment. Our calculator estimates your full PITI payment by including your inputs for property taxes and homeowner's insurance, giving you a much more accurate picture of your monthly housing costs.

Helpful Resources & Further Reading

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External Resources