Mortgage Payoff Calculator: Biweekly & Extra Payments
Compare ways to pay off your mortgage sooner: biweekly payments, a fixed extra amount each month, or one extra payment a year. See the interest saved and the time cut from your loan.
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EstimateThis calculator provides estimates for educational and informational purposes only. It does not constitute financial, investment, legal, accounting, or tax advice. Results are based on the assumptions and information entered and may differ materially from actual outcomes. Tax rules and financial regulations can change. Consult an appropriately qualified professional for advice specific to your situation.
- Compares four strategies side by side: standard, extra monthly, one extra payment a year, and true biweekly.
- Shows interest saved and the new payoff time for each.
- Models true biweekly payments that apply interest as it accrues, so the result matches what a servicer who credits payments on receipt would produce.
- Adds an optional one-time lump sum.
How to use this calculator
Enter your current balance, interest rate and years remaining, then the extra monthly amount you are considering. Choose which strategy is shown in the headline result, and add a lump sum if you have one.
How each strategy works
- Extra monthly. You add a fixed amount to principal every month.
- One extra payment a year. Equivalent to making 13 payments a year.
- Biweekly. You pay half the monthly payment every two weeks. There are 26 such payments in a year, which equals 13 monthly payments.
All three do the same thing: they put more money against principal sooner, which reduces the interest that accrues on later balances.
A worked example
On a $300,000 balance at 6.5% with 30 years remaining, the regular payment is $1,896 and total interest on the standard schedule is $382,633. Biweekly payments of $948 save about $88,122 in interest. Adding $200 a month saves about $103,449.
A word on biweekly programs
Some lenders and third parties offer biweekly programs for a fee. You can get the same result at no cost by making one extra payment a year or by dividing your payment by 12 and adding that amount each month. Check that any program applies the extra to principal promptly, and avoid paying a setup fee.
Trade-offs
Paying a mortgage faster gives a guaranteed return equal to your interest rate. It also uses cash that could go elsewhere. Before prepaying, make sure you have an emergency fund, are capturing any employer retirement match, and have paid off higher-rate debt.
Assumptions and limitations
- Fixed rate. Adjustable loans may change.
- Extra payments go to principal. Tell your servicer to apply them that way.
- No prepayment penalty. Most modern mortgages have none, but check yours.
Common mistakes
Not specifying principal. A servicer may hold extra money as an advance payment.
Prepaying before higher-rate debt. Paying off a card at 22% beats a mortgage at 6.5%.
Paying a fee for a biweekly plan. The same result is free.
Frequently asked questions
Yes, because 26 half-payments equal 13 monthly payments a year, so you make one extra payment annually. In the default example that saves about $88,000 of interest.
The result depends on the amounts. Extra monthly payments of a fixed amount can save more or less than biweekly. The comparison shows your numbers.
Tell your servicer in writing, or use the extra-principal field on their payment site.
If your mortgage rate is higher than your expected after-tax investment return, prepaying wins on a risk-adjusted basis. If lower, investing may win but carries risk.
No. It shortens the loan, but the required payment stays the same unless you recast.
Most mortgages do not have one, but check your note.