Biweekly payments are one of the simplest ways to pay a mortgage off early, and one of the most misunderstood. The idea is to pay half your monthly amount every two weeks instead of the full amount once a month.
Where the extra payment comes from
A year has 52 weeks, so paying every two weeks means 26 payments. At half your monthly figure, that is the equivalent of 13 full monthly payments in a year, one more than the usual 12. That thirteenth payment lands entirely on principal, and because it repeats every year, the effect compounds over the life of the loan.
What it saves
On a typical 30-year loan, biweekly payments often remove four to six years and tens of thousands in interest. The exact figure depends on your rate and balance. Our biweekly calculator shows the saving for your specific loan.
Do it yourself for free
Some servicers charge a setup or per-payment fee to run a formal biweekly program. You do not need it. The saving comes from the extra principal, not from the fortnightly schedule itself. You can achieve exactly the same result by adding one-twelfth of your payment to each monthly payment, or by making one full extra payment once a year. Both send the same extra principal without any fee.
A caution
Confirm your servicer applies extra funds to principal, not to the next month's payment. And make sure the higher effective payment fits your budget before you commit. Biweekly is powerful precisely because it is a disguised extra payment, so treat it like one.