The real comparison is not simply biweekly versus monthly. It is whether your payment plan reduces principal faster. A true biweekly mortgage plan usually means 26 half-payments per year, which equals 13 full monthly payments instead of 12.
Why biweekly payments can save more
Because a true biweekly plan creates one extra full payment each year, the mortgage balance can fall faster. A lower balance means less future interest, which can shorten the payoff timeline.
But the details matter. Some servicers charge fees, some hold partial payments until a full monthly payment is received, and some plans do not apply extra money to principal as quickly as expected. Always confirm how your servicer handles the schedule.
Can monthly payments save the same amount?
Often, yes. If you keep monthly payments but add one-twelfth of your monthly principal and interest payment as extra principal each month, you can approximate the same one-extra-payment-per-year effect.
This monthly extra-payment approach can be simpler if your servicer does not offer a good biweekly option or charges a fee for it.
Use the calculators together
First, use the Mortgage Calculator to estimate the regular monthly payment and total interest. Then use the Biweekly Mortgage Calculator to compare the payoff timeline under a biweekly plan.
Finally, use the Extra Mortgage Payment Calculator to test a monthly extra-principal strategy. Compare the results side by side before changing your payment schedule.
Helpful references
- CFPB: Mortgage key terms and bi-weekly payments
- CFPB: How mortgage lenders calculate monthly payments
Compare schedules
See whether biweekly or extra monthly payments save more.
Run both scenarios with your balance, rate, and payment to compare interest and payoff time.