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Bi-Weekly Mortgage Acceleration Calculator

Bi-Weekly Mortgage Acceleration Calculator

Calculator developed by

Use our Bi-Weekly Mortgage Acceleration Calculator to understand the financial benefits of accelerating a bi-weekly loan, or paying more than the required mortgage payment. With a bi-weekly mortgage you make payments every two weeks instead of monthly. Making payments every two weeks already reduces the length of your mortgage and lowers your total interest expense compared to a monthly mortgage but accelerating a bi-weekly loan enables you to payoff your loan balance even faster which saves you more money. Our calculator determines how many payments and how much total interest expense you save by overpaying a bi-weekly mortgage.

Watch our Bi-Weekly Mortgage Acceleration Calculator "How To" video

Inputs

Indicates the size of mortgage you would like to obtain
Please Enter Mortage Amount
The interest rate you pay on the mortgage
Please Select Interest Rate
The length, in years, of the mortgage. The most common mortgage term is 30 years
Please Enter Mortgage Term (Years)
The date of the first payment of your mortgage. You may input a past date for an existing mortgage. Mortgage payments almost always start on the first of the month
Please Enter Mortgage Start Date
The date when you begin to overpay your mortgage, or pay more than the required monthly mortgage payment. Mortgage payments almost always start on the first of the month
Please Enter Overpayment Start Date
The amount by which you overpay your bi-monthly mortgage payment
Please Enter Amount of Monthly Overpayment
 
Please Enter Your First & Last Name
Please Enter a Valid First Name
Please Enter a Valid Last Name
 
Please Enter Your Phone Number
Please Enter a Valid Phone
Please Enter Your Email
Please Enter a Valid Email
Your credit score to the best of your knowledge
Please Select Credit Score

Outputs

With No Acceleration
With Acceleration
Your required mortgage payment plus the amount of your bi-weekly overpayment
The number of required mortgage payments when you overpay your mortgage. Accelerating your mortgage reduces the number of required bi-weekly payments
Reduction in the required number of bi-weekly mortgage payments when you overpay your mortgage as compared to the required number of mortgage payments when you do not overpay
Total interest expense over the life of the mortgage when you overpay your mortgage. Accelerating your mortgage reduces the total interest expense over the life of the mortgage
Reduction in total interest expense over the life of the mortgage when you overpay your mortgage as compared to total interest expense when you do not overpay

How Our Bi-Weekly Mortgage Acceleration Calculator Works

To use our calculator, input your bi-weekly mortgage amount, interest rate, loan length, mortgage start date, overpayment start date and amount of overpayment. For example, if your required payment is $1,300 and the payment you make is $1,500, your overpayment amount is $200. The calculator enables you to start accelerating your loan at any time and by any amount over the course of your mortgage.

Our Bi-Weekly Mortgage Acceleration Calculator shows you your estimated payment, the number of required payments and total interest expense over the course of your loan with and without acceleration. This enables you to understand how you reduce the length of your mortgage and how much money you save by overpaying a bi-weekly loan.

The graph at the bottom of the page shows how overpaying a bi-weekly mortgage enables you to payoff your loan balance faster which significantly shortens your loan term and lowers your interest cost.

What Borrowers Should Know About Bi-Weekly Mortgage Acceleration

1

Bi-Weekly Mortgage Acceleration Basics

A bi-weekly mortgage is usually paid off four-to-five years earlier than a 30 year mortgage, depending on your interest rate and loan amount.  If you accelerate a bi-weekly mortgage you pay it off even faster, which can save you thousands of dollars in total interest expense over the life of the loan.  Accelerating a bi-weekly mortgage means paying more than the required bi-weekly payment.  For example, if your bi-weekly mortgage payment is $1,000 you pay an additional $200 for a total payment of $1,200.  Accelerating a bi-weekly mortgage "turbo charges" the pay-off of a loan that is already paid down faster than a regular monthly mortgage.

2

How and When You Can Accelerate a Bi-Weekly Mortgage

Borrowers have flexibility to apply mortgage acceleration in the way that best meets their financial priorities.  Borrowers can start and stop acceleration at any point and change the amount by which they overpay their bi-weekly mortgage.  For example, borrowers can accelerate their loan by $50 one payment, $150 the next payment and then stop accelerating their mortgage at any time.  With mortgage acceleration, the more you overpay, the more money you save because pay off your mortgage faster with each extra dollar which lowers your interest expense.  To implement mortgage acceleration add the amount by which you want to overpay your mortgage to your bi-weekly payment and indicate to your lender that the extra money is applied to pay down your principal mortgage balance.

3

Beware Bi-Weekly Mortgage Scams

Borrowers do not have to pay any extra fees to accelerate a bi-weekly mortgage.  Some lenders and companies offer bi-weekly mortgage acceleration programs for upfront and monthly fees; however, you can accelerate your mortgage for free.  Most bi-weekly mortgage acceleration companies are not worth the extra cost because they do not do anything that borrowers cannot do on their own.  Borrowers do not need to pay a company to implement a bi-weekly mortgage acceleration program or to pay more than their required payment.   Additionally, in the past many companies offering bi-weekly mortgage acceleration programs have engaged in fraud.  Borrowers should research bi-weekly mortgage acceleration programs very carefully and generally avoid them.

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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

How a Bi-Weekly Mortgage Works

Review our in-depth explanation of how a bi-weekly mortgage works including how it saves you money on interest expense compared to a mortgage with a monthly payment

Resources

Mortgage Rates

Compare mortgage rates and fees for leading lenders near you.  Comparing multiple lenders is the best way to save money on your mortgage

Mortgage Calculators

Bi-Weekly Mortgage Calculator

Use our bi-weekly mortgage calculator to calculate the bi-weekly payment, total interest expense and pay-off date for a bi-weekly mortgage based on interest rate and loan amount

Ask a Mortgage Expert

Ask a Mortgage Expert

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About the calculator developer

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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