Biweekly Payment for Existing Mortgage

See how switching to biweekly payments on your existing mortgage can save you money.

  • Methods explained
  • Save scenarios
  • Compare saved scenarios

Current Mortgage Details

$
%
25 years
$

Biweekly Results

Biweekly Payment$948
New Payoff Time16.6 years
Interest Savings$30,820
Months Saved101
How it works›

Model and assumptions. Projects monthly interest and principal with the entered additional payments. Extra principal reduces later interest and payoff time; it does not reduce the contractual payment. The biweekly projection applies the annual rate divided by 26 to 26 half-payments per year; it is not a lender-specific daily-interest schedule.CFPB: paying down a mortgageOpenStax: annuity formulas