Biweekly Mortgage Payments.
In plain English
Biweekly mortgage payments mean you pay half of your monthly mortgage every two weeks instead of one full payment once a month. Because there are 52 weeks in a year, you make 26 half-payments, which equals 13 full monthly payments instead of 12. That one extra payment each year goes straight to principal, so you owe less interest over time and pay the loan off years early. The trick is the extra annual payment, not the timing itself.
01Why it matters
Over a 30-year loan, that single extra payment a year can save tens of thousands of dollars in interest and shave several years off your payoff date.
02The math, step by step
On a 300,000 dollar loan, your monthly payment might be 1,800 dollars, so a biweekly plan pays 900 dollars every two weeks. Across a year that is 23,400 dollars paid (26 times 900) versus 21,600 dollars under monthly (12 times 1,800), an extra 1,800 dollars toward principal. Some servicers charge a setup fee for a formal biweekly plan, so confirm the cost with your servicer or just make the extra payment yourself.
03What this is NOT
Biweekly is NOT the same as semimonthly. Biweekly means every two weeks, which is 26 payments and one extra full payment a year. Semimonthly is twice a month, which is 24 payments and exactly 12 full payments, with no acceleration.
04Receipts
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Plain-English answers from our glossary. Receipts included. Never advice.
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