You can pay off your mortgage years earlier and owe less interest by dividing your monthly mortgage payments in half, and paying that amount every other week. By converting to bi-weekly payments, you essentially pay one extra payment toward your principal each year. Use our calculator to see the difference between bi-weekly and monthly payments.
These calculations are tools for learning more about the mortgage process and are for educational/estimation purposes only. Calculator results are rounded down to the nearest dollar or year. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.
*For example, a Conventional fixed rate loan with a loan term of 360 months, loan amount of $400,000, down payment of 20%, and a 7.25% interest rate at cost of .297 points ($1,188) paid at closing by borrower will result in an annual percentage rate of 7.347% and a monthly payment of $2,728.71. Loan scenario assumes a credit score of 740+. Rates pulled 5/23/25, rates subject to change. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval. Payment shown is principal and interest only, and does not include amounts for taxes and insurance premiums (if applicable). The actual payment obligation will be greater.
Making bi-weekly payments rather than monthly payments allows you to pay one extra monthly payment ($954) toward the principal each year. Bi-weekly payments will save you $19,834 in interest, and will reduce the term of your loan from 30 years to 26.1 years.
