Bi-Weekly Payment Calculator - Save Thousands on Your Mortgage
Discover how bi-weekly mortgage payments can save you thousands in interest and pay off your loan years earlier. Calculate your savings with our free bi-weekly payment calculator.
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Calculate your monthly mortgage payments, total interest, and view your complete amortization schedule. No signup required - get instant results.
Loan Details
20.0% down payment
Monthly Payment
$1,878
Principal & Interest
$1,478
Total Interest
$291,980
Loan Amount
$240,000
Payment Breakdown
Loan Summary
Amortization Chart
This chart shows how your payments are split between principal and interest over the life of your loan.
Early payments are mostly interest, while later payments are mostly principal.
Amortization Schedule
Showing payments 1 to 12 of 360
| Payment # | Payment | Principal | Interest | Remaining Balance | Total Interest | Total Principal |
|---|---|---|---|---|---|---|
| 1 | $1,478 | $228 | $1,250 | $239,772 | $1,250 | $228 |
| 2 | $1,478 | $229 | $1,249 | $239,543 | $2,499 | $457 |
| 3 | $1,478 | $230 | $1,248 | $239,313 | $3,746 | $687 |
| 4 | $1,478 | $231 | $1,246 | $239,082 | $4,993 | $918 |
| 5 | $1,478 | $233 | $1,245 | $238,849 | $6,238 | $1,151 |
| 6 | $1,478 | $234 | $1,244 | $238,616 | $7,482 | $1,384 |
| 7 | $1,478 | $235 | $1,243 | $238,381 | $8,725 | $1,619 |
| 8 | $1,478 | $236 | $1,242 | $238,145 | $9,966 | $1,855 |
| 9 | $1,478 | $237 | $1,240 | $237,907 | $11,207 | $2,093 |
| 10 | $1,478 | $239 | $1,239 | $237,669 | $12,446 | $2,331 |
| 11 | $1,478 | $240 | $1,238 | $237,429 | $13,684 | $2,571 |
| 12 | $1,478 | $241 | $1,237 | $237,188 | $14,920 | $2,812 |
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Mortgage Tips
- • Aim for 20% down payment to avoid PMI
- • Compare rates from multiple lenders
- • Consider shorter loan terms for lower interest
Next Steps
- • Get pre-approved for a mortgage
- • Check your credit score
- • Gather required documentation
Bi-Weekly vs Monthly Payments
Monthly Payments
- •12 payments per year
- •Standard payment schedule
- •Higher total interest paid
- •Longer loan term
Bi-Weekly Payments
- ✓26 payments per year (equivalent to 13 monthly)
- ✓One extra payment per year
- ✓Thousands in interest savings
- ✓Pay off loan years earlier
Benefits of Bi-Weekly Payments
Save Money
Reduce total interest paid by thousands of dollars
Pay Off Faster
Reduce loan term by 4-7 years typically
Easy to Budget
Aligns with bi-weekly paycheck schedule
Example: $300,000 Loan at 6.5%
Monthly Payments
Bi-Weekly Payments
💡 Savings: $87,360 in interest and 5.5 years off your loan!
Bi-Weekly Payment FAQ
How do bi-weekly payments work?
You make 26 payments per year (every two weeks) instead of 12 monthly payments. This equals 13 monthly payments annually, giving you one extra payment per year.
How much can I save with bi-weekly payments?
Savings depend on your loan amount and interest rate, but typically you can save 4-7 years off your loan term and thousands in interest.
Do all lenders offer bi-weekly payments?
Most lenders offer bi-weekly payment options, but some may charge a setup fee. Check with your lender for specific terms.
Can I switch to bi-weekly payments later?
Yes, you can usually switch to bi-weekly payments at any time during your loan term, though some lenders may have restrictions.