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BIWEEKLY EXAMPLE

Biweekly mortgage payment: what it saves

On a $320,000 loan, paying $1,108 every two weeks instead of $2,216 monthly pays the loan off about 6 years and 7 months early and saves about $123,452 in interest (30-year, 7.4%, Freddie Mac PMMS as of 10/8/2026).

Biweekly payment savings by loan size
Loan (20% down on)Monthly P&IBiweekly paymentTime savedInterest saved
$240,000 ($300,000)$1,662$8316 yr 7 mo$92,589
$320,000 ($400,000)$2,216$1,1086 yr 7 mo$123,452
$400,000 ($500,000)$2,770$1,3856 yr 7 mo$154,315

The biweekly payment is half the monthly principal and interest, so the yearly total is one extra monthly payment. Use the payoff calculator to test your own loan.

Open the payoff calculator

Source references: Freddie Mac Primary Mortgage Market Survey (PMMS)
Rate reference as of 10/8/2026. Educational software; no professional review claimed.

GOOD QUESTIONS

A few things you
might be wondering.

How does biweekly payment save interest?

Half the monthly principal and interest paid every two weeks is 26 half-payments, equal to 13 monthly payments a year. The extra payment goes to principal.

Does my lender allow it?

Some lenders do not apply biweekly payments until a full monthly amount accumulates, or charge fees. Confirm with your servicer; adding one extra monthly payment a year has the same effect.

What is assumed?

A 30-year loan at 7.4% with 20% down; taxes and insurance are excluded because they do not change with the payment schedule.