Is Making Biweekly Mortgage Payments Worth It?

Paying off your mortgage might seem like a never-ending subscription. For many homeowners, it’s the biggest debt they’ll ever have. So it makes sense to look for ways to pay it down faster and save money along the way. One method that’s been getting more attention is making biweekly mortgage payments. But what does that actually mean? And is it really worth doing?

Let’s make it make sense.

What Are Biweekly Mortgage Payments?

A biweekly mortgage payment plan means you pay half of your regular monthly mortgage payment every two weeks. Since there are 52 weeks in a year, this adds up to 26 half-payments, or 13 full payments a year.

That’s one extra monthly payment each year, and that little extra can make a big difference over time. It helps lower your loan balance faster, which means you’ll pay less in interest and get rid of your mortgage years sooner.

It’s important not to confuse this with paying twice a month. That would only equal 12 full payments per year. The biweekly setup gives you an extra full payment without you really noticing it, since it’s spread out over the year.

How Do They Work?

Here’s a quick example. Say your mortgage payment is $2,000 a month. With a biweekly plan, you’d pay $1,000 every two weeks. At the end of the year, you’ve paid $26,000 instead of $24,000. That extra $2,000 goes straight toward your loan’s principal. And that’s where the magic happens. The faster you pay down the principal, the less interest you pay over the life of the loan.

Some lenders offer official biweekly payment plans and will take care of everything for you. Others may not support this setup, but you can still do it on your own by making an extra payment once a year.

Pros and Cons of Biweekly Mortgage Payments

Like anything else with money, there are upsides and downsides. Let’s take a look at both.

Advantages

The biggest perk is saving money on interest. Since you’re chipping away at your loan balance faster, you’ll pay less interest overall. For a 30-year loan, that can add up to thousands or even tens of thousands of dollars.

Another plus is that you’ll pay off your loan faster. On average, a biweekly payment schedule can shave four to six years off a 30-year mortgage. That’s a huge deal. Imagine being mortgage-free earlier than planned just by changing how often you pay. Also, if your paycheck comes every two weeks, this plan can make budgeting easier. Your mortgage payments line up with your income, which some people find helps them stay on track.

Disadvantages

The biggest drawback? Some lenders charge fees for setting up a biweekly payment plan. You’ll want to check for any setup or processing fees before signing up.

Also, paying every two weeks might not work for everyone. If your cash flow is tight, having money come out of your account more often can feel like a stretch. You’ll need to make sure your budget can handle the extra frequency.

And if your lender doesn’t apply your payments right away, for example if they wait until they have a full payment before crediting it, you might not get the full benefit. That’s why it’s smart to ask how the payments are handled.

Biweekly vs. Monthly Mortgage Payments

So what’s the real difference here?

With monthly payments, you make 12 full payments a year. With biweekly payments, you sneak in a 13th payment. That extra payment goes straight toward your principal, helping you reduce your loan balance faster and save on interest.

For example, if you have a $300,000 loan with a 6.5% interest rate, switching to biweekly payments could save you more than $60,000 in interest an help you pay off your mortgage five or six years early. That’s not small change. Exact savings depend on your interest rate and how your lender handles the payments.

Calculating the Benefits

Want to know how much you could save? A biweekly mortgage calculator with extra payments is a great tool. Just plug in your loan amount, interest rate, and current payment, and it’ll show you how much time and money you could save with biweekly payments.

You can also try playing around with numbers to see what happens if you throw in an extra payment here or there. Whether it’s an extra $100 a month or a big lump sum from your tax refund, even small changes can make a big difference.

And if you’re wondering how much do biweekly payments shorten a 30-year mortgage, the answer is usually by about four to six years. It depends on your loan details, but that’s the average range.

Mortgage Payment Strategies

Biweekly payments aren’t the only way to get ahead on your mortgage, but they’re one of the easiest. Other ideas include rounding up your monthly payments, making one extra full payment each year, or applying bonuses or windfalls directly to your loan.

The name of the game here is consistency. Find a strategy that fits your lifestyle and stick to it. The goal is simple: reduce the amount of time you’re in debt and pay less interest. If you go the biweekly route, make sure your budget supports it. Since most people get paid every two weeks, syncing your mortgage with your pay schedule might actually make things feel more manageable. Just plan for those two months each year when you get three paychecks.

Should You Make Biweekly Payments?

So, is making biweekly mortgage payments worth it? For a lot of homeowners, yes. It’s a simple way to pay off your home faster and save a good chunk of money on interest. It doesn’t require a huge lifestyle change, just a little shift in timing.

But it’s not for everyone. Some lenders charge fees. Some might not apply the payments in a way that helps you. And if your cash flow is already tight, more frequent payments could be tough to handle. Before you decide, check with your lender. Ask if they offer a biweekly payment plan, what it costs (if anything), and how payments are applied. If you don’t want to go through your lender, you can always make one extra payment each year yourself. Same idea, same results, just a little more DIY.

No matter which path you choose, the main goal stays the same. Pay less interest. Build equity faster. Own your home sooner. And maybe enjoy that mortgage-free life a few years ahead of schedule.