1. What is a Biweekly Mortgage Payment Calculator?

Definition: This calculator determines your biweekly mortgage payment by dividing your monthly payment in half.

Purpose: It helps homeowners understand how much they would pay every two weeks when switching to a biweekly payment schedule.

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

• \( M_{bi} \) — Biweekly payment (USD)
• \( M \) — Monthly mortgage payment (USD)

Explanation: The monthly payment is simply divided by 2 to get the biweekly payment amount.

3. Benefits of Biweekly Payments

Details: Making biweekly payments results in 26 half-payments per year (equivalent to 13 monthly payments), which can help pay off your mortgage faster and save on interest.

4. Using the Calculator

Tips: Enter your current monthly mortgage payment in USD. The value must be > 0.

5. Frequently Asked Questions (FAQ)

Q1: How much faster will I pay off my mortgage with biweekly payments?
A: Typically 6-8 years faster on a 30-year mortgage, depending on your loan amount and interest rate.

Q2: Is the biweekly payment exactly half of the monthly payment?
A: Yes, but check with your lender as some may calculate it differently.

Q3: Will I save money on interest with biweekly payments?
A: Yes, because you're making an extra payment each year, which reduces principal faster.

Q4: Can I switch to biweekly payments with any mortgage?
A: Most lenders offer this option, but some may charge a fee to set it up.

Q5: How does this compare to making extra payments?
A: Biweekly payments automatically create one extra monthly payment per year, which is simpler than manually making extra payments.