Biweekly Payment Calculator
|This calculator will show you how much you will save if you make 1/2 of your mortgage
payment every two weeks instead of making a full mortgage payment once a month and print complete
This is a True Biweekly (or Simple Interest Biweekly)
calculator (True Biweekly vs Standard Biweekly). It calculates interest for two-week intervals and applies the biweekly payments less the
interest to reduce principal every two weeks.
- The true biweekly payment plan is not what most borrowers get when they convert their loan from monthly to biweekly payments (pseudo biweekly). On the pseudo biweekly, the
biweekly payments are credited to a special account managed by your lender, and on the 1st of the month, as with standard payments, the monthly payments are made out of that
account. The excess amount accumulated in the special account by the end of each year is equal to a full monthly payment. At this point your lender makes a double payment. The only
similarity between the true biweekly and the pseudo biweekly (or Standard Biweekly) is having your money withdrawn from your bank account every two weeks.
- We are not affiliated with any lending institution and don't offer guidance on how to set up a biweekly payment schedule with your mortgage lender. You should receive
professional financial advice when considering switching to a biweekly payment plan.
- The calculation results are for illustrative purposes only and are not guaranteed to be accurate.