Compare a Bi-Weekly Mortgage to a Monthly Mortgage
Pay off your mortgage quicker
Making bi-weekly mortgage payments will accelerate the payoff of your mortgage. With this strategy, you make payments to your lender every two weeks instead of monthly, with each payment representing half of your monthly payment. This results in 26 payments per year, two more than you would make if you paid on the first day of the month and middle of the month, and adds up to one extra monthly payment every year. Use this calculator to see how quickly you’ll pay down your debt and see how much you’ll save in interest charges.