Biweekly Mortgage: Easy Home Loan Terms for 2023

Biweekly Mortgage

What is a Biweekly Mortgage?

What is a Biweekly Mortgage? When it comes to mortgages, many homeowners are familiar with the traditional monthly payment plan. However, there’s another option that can provide substantial benefits: the biweekly mortgage. This payment strategy involves making mortgage payments every two weeks instead of monthly, resulting in 26 half-payments per year, which equates to 13 full monthly payments. The extra payment can help you pay off your loan faster and save a significant amount in interest over the life of the loan. In this article, we’ll explore the advantages and disadvantages of biweekly mortgage payments, and provide you with valuable tools and resources to determine if this approach is right for you.

The Benefits of Biweekly Mortgage Payments

There are several reasons why homeowners may choose to switch to a biweekly mortgage payment plan:

  1. Accelerated Loan Payoff: By making an extra payment each year, you can significantly reduce the term of your loan. For example, a 30-year mortgage can be shortened by up to 4-5 years, depending on the interest rate.
  2. Interest Savings: As you pay down your principal balance faster with biweekly payments, you’ll accrue less interest over the life of the loan. This can result in thousands of dollars in savings.
  3. Budgeting Benefits: Paying your mortgage every two weeks can help you budget more effectively, especially if you receive a biweekly paycheck.
  4. Building Equity Faster: With more frequent payments, you’ll build equity in your home at a quicker pace.
Biweekly Calculator

Biweekly Mortgage Calculator Tools

A biweekly mortgage calculator can help you determine the potential savings and loan term reduction for your specific situation. There are several calculators available online, including those that offer extra payments and amortization schedules.

Pros and Cons of Biweekly Mortgage Payments

Before deciding on a biweekly mortgage payment plan, it’s important to weigh the pros and cons:


  • Faster loan payoff
  • Interest savings
  • Easier budgeting
  • Faster equity building


  • May not be suitable for those with irregular income
  • Potential fees associated with third-party payment processing services
  • Less flexibility in case of financial hardship

How to Set Up Biweekly Mortgage Payments

There are a few ways to set up biweekly mortgage payments:

  1. Contact Your Lender: Some lenders offer biweekly payment options. Contact your mortgage servicer to inquire about their specific policies and potential fees.
  2. Use a Third-Party Service: Some companies offer biweekly payment processing for a fee. Be sure to research and compare multiple companies before choosing one.
  3. Do It Yourself: You can create your own biweekly payment plan by splitting your monthly payment in half and making payments every two weeks. To achieve the same effect as a true biweekly plan, make sure to apply the additional payment directly to your principal balance each year.

Exploring Biweekly Mortgage Calculators

A biweekly mortgage calculator is an essential tool for understanding how biweekly payments can impact your mortgage. These calculators can provide information on interest savings, loan term reduction, and additional principal payments. You can find many online calculators, including those with extra payment features, such as the biweekly mortgage calculator with extra payments.

To use a biweekly mortgage calculator, you’ll need to input your loan amount, interest rate, and loan term. Some calculators also allow you to input extra payments or adjust the payment frequency.

Biweekly Mortgage Payments

Pros and Cons of Biweekly Mortgage Payments


  1. Faster mortgage payoff: Making extra payments through a biweekly plan can shorten the length of your mortgage. For example, a 30-year mortgage can be paid off in approximately 24-25 years with biweekly payments.
  2. Interest savings: As you pay off your mortgage faster, you’ll save on interest charges over the life of the loan.
  3. Budget-friendly: Biweekly payments can be easier to manage, especially for people who receive a biweekly paycheck.
  4. Automated payments: Many lenders allow you to set up automatic biweekly payments, making it convenient and ensuring you never miss a payment.


  1. Potential fees: Some lenders charge fees for biweekly payment plans or require you to enroll in a third-party service.
  2. Less flexibility: Biweekly payments require more frequent payments, which might not suit everyone’s financial situation.
  3. Limited availability: Not all lenders offer biweekly mortgage payment plans, so you may need to set up the payments yourself or use an external service.
Biweekly Home Loan

How to Set Up Biweekly Mortgage Payments

To set up biweekly mortgage payments, you can follow these steps:

  1. Contact your lender: Check if your lender offers biweekly payment plans and inquire about any fees or requirements.
  2. Calculate your biweekly payment: Divide your regular monthly mortgage payment by two to determine your biweekly payment amount.
  3. Set up automatic payments: If your lender offers a biweekly payment plan, enroll in their program and set up automatic payments from your bank account.
  4. DIY approach: If your lender doesn’t offer a biweekly plan or charges a fee, you can achieve similar results by making one extra principal payment each year or adding a small extra amount to each monthly payment.

Mortgage Statistics and Government Resources

To better understand the broader context of biweekly mortgages, it’s helpful to examine some mortgage statistics and consult government resources. Here are a few key mortgage statistics to consider:

  1. In 2020, the homeownership rate in the United States was approximately 65.8% source: U.S. Census Bureau.
  2. The average 30-year fixed mortgage rate in the United States was 2.93% as of August 2021 source: Federal Reserve Bank of St. Louis.
  3. According to a 2019 study by the Urban Institute, borrowers who make biweekly mortgage payments can save an average of $26,000 in interest over the life of a 30-year loan source: Urban Institute.

The following government websites offer valuable information on mortgage trends, data, and relevant programs:

  1. Consumer Financial Protection Bureau (CFPB)
  2. Federal Housing Administration (FHA)
  3. U.S. Department of Housing and Urban Development (HUD)
  4. Federal Housing Finance Agency (FHFA)
  5. U.S. Department of Veterans Affairs (VA)

By exploring these resources and reviewing mortgage statistics, you can gain insights into the current state of the mortgage industry and identify potential opportunities for saving money and optimizing your payment plan.

Biweekly Mortgage Payment Calculator

Expanding Your Mortgage Knowledge

If you’re interested in learning more about mortgage terms and concepts, we encourage you to visit our Mortgage Terms page. This comprehensive resource covers a wide range of topics, from adjustable-rate mortgages to mortgage points and prepayment penalties. By familiarizing yourself with these terms, you’ll be better equipped to navigate the mortgage process and make well-informed decisions.

See What You Qualify For Now!

If you’ve decided that a biweekly mortgage is the right choice for you, it’s time to take the next step and apply for a loan with Mortgage Rater. Our team of experienced professionals is here to guide you through the application process and help you secure the best possible mortgage for your needs. Don’t wait any longer to achieve your homeownership dreams—apply today!

Donavon Warren

Donavon Warren

Donavon Warren is a seasoned finance professional with over 20 years of experience. Before embarking into the mortgage industry Donavon attended UCLA. He is the owner of Mortgage Rater, a leading mortgage finance company that offers a range of informational services to clients across the United States. As a finance and mortgage author, Donavon brings his wealth of knowledge and experience to the platform, writing about various topics related to personal finance, investments, home loans, FHA loans, VA loans, 30 Year Fixed rates, no-interest loans, mortgages and more. With his insights and expertise, he aims to educate and empower readers to make informed financial decisions that can help them achieve their financial and mortgage goals. NMLS#2470202
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