Finn

This calculator is a great way for homeowners to visualize the impact of a bi-weekly mortgage payment schedule. It clearly breaks down how making 26 half-payments a year—alongside an initial "jump start" extra payment—can shave years off your loan and save on interest. Keep in mind that the math assumes your lender applies each half-payment to your principal immediately; in practice, many servicers hold the funds until a full monthly payment is reached, which slightly reduces the actual savings. You'll also want to note that because this strategy requires putting more money toward your loan each year, the bottom-line verdict will essentially always recommend making the switch.

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