Bi-Weekly Payment Calculator
Paying every two weeks means 26 half-payments, or 13 full payments, a year.
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Bi-Weekly Payment Calculator by TheCalcTools
How the Bi-Weekly Payment Calculator works
Enter your balance, rate and remaining term.
The monthly payment is split in half and paid every two weeks, giving 26 half-payments a year.
That is one extra monthly payment a year, which pays the loan off faster.
The formula
Worked example
Using the default values shown in the calculator:
| Loan balance | $300000 |
|---|---|
| Interest rate (APR %) | 6.5 % |
| Remaining term (years) | 30 |
- Monthly payment on $300,000 at 6.5% for 30 years = $1,896.20.
- Bi-weekly: $948.10 every two weeks pays it off in about 24.1 years.
- That saves roughly 5.9 years and $88,122 in interest.
Result:
| Monthly payment | $1,896.20 |
|---|---|
| Bi-weekly payment (half the monthly) | $948.10 |
| Payoff time, bi-weekly (years) | 24.1 |
| Time saved (years) | 5.9 |
| Interest saved (approx.) | $88,122 |
Frequently asked questions
Does my lender accept bi-weekly payments?
Some do, some charge a fee, and some only apply the money once a month. Alternatively, add one-twelfth of your payment to each monthly payment for a similar effect.
Is the saving real?
Yes, because you make the equivalent of 13 monthly payments each year, though the exact amount depends on how the lender applies payments.
Sources and further reading
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This calculator gives estimates for information only. It is not financial advice, and your lender's or provider's figures will govern. Rates, fees and rules vary. See our disclaimer.