1. What is Biweekly Mortgage Payment?

Biweekly mortgage payments involve making half of your monthly mortgage payment every two weeks. This payment strategy can help you pay off your mortgage faster and save on interest over the life of the loan.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• Monthly Payment — Your regular monthly mortgage payment amount
• Biweekly Payment — The amount you'll pay every two weeks

Explanation: By dividing your monthly payment in half, you make 26 biweekly payments per year, which is equivalent to 13 monthly payments, helping you pay down your principal faster.

3. Benefits of Biweekly Payments

Details: Biweekly payments can save you thousands in interest over the life of your loan and help you pay off your mortgage several years early, depending on your loan terms.

4. Using the Calculator

Tips: Enter your current monthly mortgage payment amount. The calculator will instantly show you how much your biweekly payments would be.

5. Frequently Asked Questions (FAQ)

Q1: How much can I save with biweekly payments?
A: Depending on your loan amount and interest rate, you could save tens of thousands of dollars and pay off your mortgage 4-8 years early.

Q2: Are there any fees for switching to biweekly payments?
A: Some lenders charge setup fees, while others offer it for free. Check with your mortgage servicer for specific details.

Q3: Can I set up biweekly payments with any lender?
A: Most lenders offer biweekly payment options, but terms and availability may vary. Contact your lender to confirm.

Q4: What's the difference between biweekly and semi-monthly?
A: Biweekly means every two weeks (26 payments/year), while semi-monthly means twice a month (24 payments/year).

Q5: Will biweekly payments affect my credit score?
A: No, as long as you make payments on time, biweekly payments should not negatively impact your credit score.