Question 1

How does a biweekly mortgage payment work?

Accepted Answer

Instead of making 12 monthly payments, you make 26 half-payments every two weeks. Because there are 52 weeks in a year, this equals 13 full monthly payments per year — one extra payment — which chips away at principal faster and dramatically reduces total interest paid.

Question 2

How much can biweekly payments save?

Accepted Answer

On a $320,000 loan at 7% over 30 years, biweekly payments can save over $60,000 in interest and pay off the mortgage about 5 years early. The exact savings depend on your loan amount, rate, and term.

Question 3

Does my lender need to approve biweekly payments?

Accepted Answer

Check your loan agreement for prepayment penalties (rare on conventional loans). You can achieve the same effect by simply adding 1/12 of your monthly payment as extra principal each month. Contact your servicer to confirm extra payments are applied to principal.

Question 4

What is the difference between biweekly and semi-monthly payments?

Accepted Answer

Biweekly = every 2 weeks (26 payments/year). Semi-monthly = twice a month (24 payments/year). Only biweekly results in that extra 13th payment annually. Semi-monthly payments save less because the timing doesn't produce the additional payment.

Biweekly Mortgage Payment Calculator

The 13th Payment Trick

Biweekly Mortgage Payment Calculator

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The 13th Payment Trick