Biweekly vs Monthly Payment Calculator
Compares biweekly and monthly payments on the same loan.
Interest saved
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Biweekly payment —
Monthly payment —
New payoff time —
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The formula
26 half payments a year = 13 monthly payments
The saving comes mostly from that one extra payment each year, and slightly from paying more often.
What to watch out for
You get nearly the same result by adding one-twelfth of a payment to each monthly payment.
Frequently Asked Questions
Do biweekly payments really save money?
Yes, because they add one extra monthly payment a year. The full saving depends on the lender crediting them as they arrive.