🏡 Biweekly Mortgage Calculator: How Much Interest Will I Save?
Intro
Bi-weekly payments allow you to pay off your home significantly faster without the rigid commitment of a 15-year mortgage. You are technically still making the same payment in terms of your monthly cash flow, but the timing trick creates a full 13th payment each year. Let's see how much this simple shift can save you.
🏠 Loan Details
Enter your current mortgage details below to see your baseline costs. I use a $400,000 loan at 7% as a benchmark for today's market.
As Brand The Mortgage Man puts it, on a $400,000 mortgage you are going to be paying over $958,000 over 30 years, but if you pay bi-weekly you will actually pay the loan off in 23 years and 11 months.
Monthly Rate
Total Months
360
Standard Payment
Standard Interest
⚡ The Jump Start
By splitting your mortgage payment in half and paying half of that payment every two weeks you are actually making one additional payment every year. By doing that you are cutting years off of your mortgage and cutting thousands of dollars in interest.
If you just closed, you can skip your first month's payment. Take that payment you are skipping and apply it towards your new mortgage to jump start the bi-weekly payment cycle.
Jump Start Amount
New Balance
Bi-weekly Payment
New Term (Months)
New Interest
Interest Saved
Years Saved
📊 Results
Payoff Time
23.3 years
Years Saved
6.7 years
Interest Saved
Verdict
Switch
Calculator updated by heyfinfam (v26.8.2) · View history
Privacy: None of your data is transmitted to the author of this view or any other third parties. Financial inputs are never used to identify you; they're only used to calculate results.
Disclaimer: This content and any calculations provided are for informational purposes only. The views, calculations, and methodologies expressed are those of the author and do not necessarily reflect those of this platform. Not financial advice. Users are solely responsible for any decisions made based on this information.
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