Biweekly Payment Calculator đī¸
See how switching from a **monthly** to a **biweekly** payment schedule can significantly **reduce your total interest** and shorten your loan's payoff time.
Loan Details
How Biweekly Payments Work
A standard monthly loan requires 12 payments per year. In a biweekly schedule, you pay **half your calculated monthly payment** every two weeks, resulting in **26 payments** per year.
This subtle difference has two powerful effects:
- You end up making the equivalent of **one extra monthly payment** per year (26 biweekly payments = 13 monthly payments).
- Because payments are made more frequently, the loan's principal is reduced faster, meaning **less interest accrues** over the loan's life.
Calculation Method
The calculation simulates the full amortization of the loan under both a 12x yearly payment schedule and a 26x yearly payment schedule to determine the exact payoff month and total interest paid.