Biweekly & monthly mortgage calculator
Loan Details
Results
With monthly payments:
With biweekly payments:
Loan Progression
| Year | Monthly Balance | Monthly Interest Paid | Monthly Principal Paid | Biweekly Balance | Biweekly Interest Paid | Biweekly Principal Paid |
|---|---|---|---|---|---|---|
| 1 | $196,161.74 | $6,938.82 | $3,838.26 | $195,245.32 | $6,920.48 | $4,754.68 |
| 2 | $192,186.97 | $13,741.12 | $7,813.03 | $190,321.39 | $13,671.71 | $9,678.61 |
| 3 | $188,070.83 | $20,402.05 | $11,929.17 | $185,222.19 | $20,247.67 | $14,777.81 |
| 4 | $183,808.29 | $26,916.58 | $16,191.71 | $179,941.48 | $26,642.13 | $20,058.52 |
| 5 | $179,394.15 | $33,279.51 | $20,605.85 | $174,472.81 | $32,848.62 | $25,527.19 |
| 6 | $174,823.00 | $39,485.44 | $25,177.00 | $168,809.48 | $38,860.45 | $31,190.52 |
| 7 | $170,089.28 | $45,528.78 | $29,910.72 | $162,944.56 | $44,670.69 | $37,055.44 |
| 8 | $165,187.19 | $51,403.77 | $34,812.81 | $156,870.87 | $50,272.17 | $43,129.13 |
| 9 | $160,110.75 | $57,104.40 | $39,889.25 | $150,580.99 | $55,657.45 | $49,419.01 |
| 10 | $154,853.75 | $62,624.48 | $45,146.25 | $144,067.22 | $60,818.84 | $55,932.78 |
| 11 | $149,409.78 | $67,957.58 | $50,590.22 | $137,321.59 | $65,748.37 | $62,678.41 |
| 12 | $143,772.18 | $73,097.05 | $56,227.82 | $130,335.85 | $70,437.79 | $69,664.15 |
| 13 | $137,934.08 | $78,036.02 | $62,065.92 | $123,101.44 | $74,878.55 | $76,898.56 |
| 14 | $131,888.32 | $82,767.34 | $68,111.68 | $115,609.53 | $79,061.80 | $84,390.47 |
| 15 | $125,627.54 | $87,283.63 | $74,372.46 | $107,850.94 | $82,978.37 | $92,149.06 |
| 16 | $119,144.09 | $91,577.25 | $80,855.91 | $99,816.18 | $86,618.77 | $100,183.82 |
| 17 | $112,430.03 | $95,640.26 | $87,569.97 | $91,495.42 | $89,973.17 | $108,504.58 |
| 18 | $105,477.18 | $99,464.48 | $94,522.82 | $82,878.47 | $93,031.39 | $117,121.53 |
| 19 | $98,277.03 | $103,041.41 | $101,722.97 | $73,954.81 | $95,782.89 | $126,045.19 |
| 20 | $90,820.80 | $106,362.25 | $109,179.20 | $64,713.51 | $98,216.74 | $135,286.49 |
| 21 | $83,099.37 | $109,417.90 | $116,900.63 | $55,143.25 | $100,321.65 | $144,856.75 |
| 22 | $75,103.32 | $112,198.91 | $124,896.68 | $45,232.34 | $102,085.91 | $154,767.66 |
| 23 | $66,822.87 | $114,695.54 | $133,177.13 | $34,968.65 | $103,497.38 | $165,031.35 |
| 24 | $58,247.91 | $116,897.65 | $141,752.09 | $24,339.62 | $104,543.51 | $175,660.38 |
| 25 | $49,367.96 | $118,794.77 | $150,632.04 | $13,332.25 | $105,211.30 | $186,667.75 |
| 26 | $40,172.18 | $120,376.07 | $159,827.82 | $1,933.06 | $105,487.27 | $198,066.94 |
| 27 | $30,649.34 | $121,630.30 | $169,350.66 | $0.00 | $105,494.27 | $200,000.00 |
Biweekly Mortgage Calculator vs. Monthly Mortgage Calculator: Which is Right for You?
Choosing between making biweekly or monthly mortgage payments can have a significant impact on your finances. With our easy-to-use biweekly mortgage calculator and monthly mortgage calculator, you can compare both payment schedules and see which one helps you save more on interest and pay off your loan faster.
What is a Monthly Mortgage Payment?
A monthly mortgage payment is the standard payment plan for most homeowners. You make 12 payments per year, typically on the same day each month. While it’s easy to manage, the downside is that you may end up paying more in interest over time compared to other payment options.
What is a Biweekly Mortgage Payment?
A biweekly mortgage payment involves making half of your usual monthly payment every two weeks. This results in 26 payments per year—effectively giving you one extra monthly payment annually. Over time, this small adjustment can reduce your total interest and shorten the length of your loan.
How Does a Biweekly Mortgage Save You Money?
By making 26 payments a year instead of 12, biweekly mortgage payments allow you to pay down your principal faster, which means less interest accrues on your loan. Using a biweekly mortgage calculator, you can see exactly how much you’ll save in interest compared to a monthly schedule.
Compare with Our Mortgage Calculators
Try our monthly mortgage calculator and biweekly mortgage calculator to determine which option fits your budget and financial goals. Input your loan amount, interest rate, and loan term to see the difference in total interest paid and how quickly you can pay off your mortgage.
How to Calculate Mortgage Payments
If you're wondering how to calculate mortgage payments, the general formula involves using the loan amount, interest rate, and loan term. Here’s the basic mortgage calculator formula:
Mortgage Payment Formula:
M = P[r(1+r)^n] / [(1+r)^n-1]
- P: Principal loan amount
- r: Monthly interest rate (annual rate divided by 12)
- n: Number of monthly payments (loan term in years multiplied by 12)
- M: Monthly mortgage payment
This formula helps you calculate your monthly mortgage payments. But what if you want to know how to calculate biweekly mortgage payments?
How to Calculate Biweekly Mortgage Payments
To calculate biweekly payments, you first need to calculate your monthly mortgage payment using the formula above. Then, divide the monthly payment by two to get your biweekly payment. Since there are 26 biweekly payments in a year, this results in an extra payment each year, which reduces your loan's interest and shortens the loan term.
Biweekly Mortgage Calculation:
Biweekly Payment = (Monthly Payment) / 2
Number of payments per year: 26
Using a biweekly mortgage calculator, you can easily see the difference between monthly and biweekly payments and how much interest you'll save over time.
Which Mortgage Payment Plan is Best for You?
Whether you choose monthly or biweekly payments depends on your financial situation. If you want to pay off your mortgage faster and save on interest, biweekly payments could be a better option. If you prefer smaller, predictable payments each month, a traditional monthly mortgage might be the right choice.