Bi-Weekly Payment Calculator
See how switching from monthly to bi-weekly payments can help you pay off your loan faster and save thousands in interest.
Your Loan Details
Enter your loan details
to see how bi-weekly payments can save you money
Bi-Weekly Saves Money!
Monthly Payments
12 payments per year
Payment Amount
$--
Total Interest
$--
Payoff Time
-- years
Bi-Weekly Payments
26 payments per year
Payment Amount
$--
every 2 weeks
Total Interest
$--
Payoff Time
-- years
Your Savings with Bi-Weekly
Interest Saved
$--
Time Saved
--
Extra Payments/Year
--
Equivalent Extra
$--/yr
Why Bi-Weekly Works
26 half-payments = 13 full payments
Instead of 12 monthly payments, you make 26 bi-weekly payments—equivalent to 13 monthly payments per year.
Extra payment goes to principal
That extra payment each year goes directly toward principal, reducing your balance faster.
Lower balance = less interest
With a lower principal balance, less interest accrues each period, accelerating your payoff.
Balance Comparison Over Time
| Year | Monthly Balance | Bi-Weekly Balance | Difference |
|---|
Bi-Weekly Payments
Bi-weekly payments mean paying half your monthly amount every two weeks instead of the full amount once a month. Because there are 52 weeks in a year, you end up making 26 half-payments (13 full payments) instead of 12—one extra payment per year.
How to Use
- 1 Enter your current loan balance.
- 2 Enter your interest rate and loan term.
- 3 See how much you'd save by switching to bi-weekly payments.
- 4 Contact your lender to set up bi-weekly payments.
FAQ
Will my lender allow bi-weekly payments?
Most lenders offer bi-weekly payment programs, though some charge fees. Check with your lender first. Alternatively, you can DIY by making one extra monthly payment per year.
Is this the same as paying extra?
Yes! Bi-weekly effectively means one extra full payment per year. You could achieve similar results by adding 1/12 of your payment to each monthly payment.
Are there fees for bi-weekly payments?
Some lenders or third-party services charge setup or per-payment fees. These can eat into your savings. Ask your lender for a free option or DIY the extra payment.
Does this work for all loan types?
Yes! Bi-weekly payments work for mortgages, auto loans, student loans, and personal loans. The savings are most significant on longer-term, higher-balance loans like mortgages.
Should I pay bi-weekly or invest the extra?
If your loan rate is higher than your expected investment return, pay down the loan. If you have high-interest debt, pay that first. This is a "guaranteed return" equal to your interest rate.
Calculator Limitations
Assumes payments are applied immediately. Some lenders hold bi-weekly payments until the monthly due date, reducing the benefit. Confirm with your lender how payments are applied.
