PITI stands for Principal, Interest, Taxes, and Insurance. It’s the all-in monthly housing cost; this calculator estimates PITI by including your property-tax and insurance inputs.

Mortgage Payoff Comparison Calculator – Standard vs Extra vs Bi-Weekly

Q: Which is better: extra monthly payments or a bi-weekly plan?

It depends on the amount. A bi-weekly plan equals one extra monthly payment per year, spread out. If your extra payment each month is larger than 1/12 of your regular P&I, the extra-payment plan wins; if it’s smaller, the bi-weekly schedule is more aggressive.

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

No. Two semi-monthly payments total the same as standard monthly payments (24 half-payments a year), so you save nothing. A true bi-weekly plan makes 26 half-payments—effectively 13 full payments—cutting years off your loan and saving thousands in interest.

Understanding Your Payoff Strategies

This calculator compares three common mortgage payment strategies to help you find the best path to becoming debt-free. Each has unique benefits, and the best choice depends on your financial goals and discipline.

The Standard Monthly Payment is the baseline—the fixed payment required by your lender over the full loan term. While straightforward and predictable, it results in the most interest paid over time because you are only paying the minimum required.

The Monthly Payment with an Extra Amount is a flexible strategy where you add any amount you choose to your regular payment. This extra money goes directly to your principal, creating a snowball effect of savings. It's a great option if your income varies, as you can adjust the extra amount as needed.

The Bi-Weekly Payment Plan is a more structured approach. You pay half your monthly payment every two weeks, which results in one extra full payment per year. This automated strategy achieves a similar result to the extra payment plan and can align well with bi-weekly paychecks.

How to Use This Calculator

Enter Purchase & Housing Costs: Input the home price, your down payment, and estimated annual property taxes, home insurance, and PMI.
Enter Loan Details: Add the annual interest rate and the original loan term in years.
(Optional) Add Extra Payments: Enter an extra amount to add to your monthly payment to see how it accelerates your payoff.
Calculate Your Savings: Click the "Calculate" button to see your results.
Analyze Your Payoff Plan: The calculator will automatically compare all three scenarios: standard monthly, monthly with extra payments, and a bi-weekly plan.

Enter Your Loan Details

Home Price ($)

Down Payment

Annual Property Tax ($)

Annual Home Insurance ($)

Annual PMI ($) (if applicable)

Annual Interest Rate (%)

Loan Term (Years)

Extra Monthly Payment ($)

Payment Strategy Breakdown

Principal vs. Interest (Standard Plan)

Loan Payoff Comparison

Summary of Your Payoff Plan

Amortization Schedule Comparison

Frequently Asked Questions (FAQs)

Which is better: extra monthly payments or a bi-weekly plan?

It depends on the amount. A bi-weekly plan is equivalent to making one extra monthly payment per year, spread out. If your planned "Extra Monthly Payment" is more than 1/12th of your regular P&I payment, the extra payment plan will be faster. If it's less, the bi-weekly plan is more aggressive. This calculator lets you compare both to see which works best for your budget.

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.

Can I combine extra payments with a bi-weekly schedule?

Yes. Paying bi-weekly plus extra principal accelerates payoff even faster, as shown by the calculato'S combined scenario.

Helpful Resources & Further Reading

External Resources

The Consumer Financial Protection Bureau (CFPB) provides unbiased information for homeowners.
Find information on housing and mortgage assistance from the U.S. Department of Housing and Urban Development (HUD).

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Mortgage Payoff Calculator: Standard vs Extra Payments vs. Bi-Weekly