Mortgage Payoff Calculator
Use your own numbers after reviewing the example below.
Quick answer
A true biweekly plan makes 26 half-payments per year, equal to 13 full monthly payments. A fixed extra monthly payment adds 12 equal extra amounts. Compare the annual extra principal and timing.
Formula or method
Step-by-step
- Find the normal monthly principal-and-interest payment.
- For a true biweekly schedule, divide by two and pay every two weeks.
- Compare 26 half-payments with 12 monthly payments plus your chosen extra amount.
- Check lender processing rules and fees before enrolling in a payment program.
Worked example
If the normal payment is $1,400, 26 half-payments of $700 total $18,200 per year, equal to 13 full payments. Monthly payments total $16,800 before any extra amount.
How to interpret the result
The mathematically best option depends on how much extra you pay and when it reaches principal. Convenience and lender rules also matter.
Common mistakes
- Assuming “twice a month” is the same as every two weeks.
- Paying a third-party fee that reduces the benefit.
- Ignoring whether partial payments are held until a full payment is received.
Frequently asked questions
How many biweekly payments are made per year?
26 half-payments in a typical year.
Is twice a month the same as biweekly?
No. Twice a month is 24 half-payments; every two weeks is generally 26.
Which saves more interest?
The option that reduces principal sooner and by more, all else equal; compare the actual amounts and lender processing.