Most people know about monthly mortgage payments— but did you know that oftentimes you can pay off your home loan on a biweekly basis?
Instead of making one payment every month, you'll make one payment every two weeks with a biweekly payment plan. Each payment will be half of what you would normally pay in a month. In many cases, a biweekly payment schedule can help a homeowner pay off their principal balance quicker and lowers the total interest paid over the loan's lifetime.
Use the payment calculator below to compare biweekly and monthly home mortgages. This biweekly mortgage calculator can be used to solve four different variables: your monthly payment, loan rate, loan term, or total loan amount. To learn more about this tool, refer to the section below the calculator.