15 Year Biweekly Mortgage Calculator
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Reviewed by Calculator Editorial Team
Biweekly mortgage payments are an alternative to traditional monthly payments that can help you pay off your mortgage faster. This calculator helps you determine what your biweekly payments would be for a 15-year mortgage term.
How Biweekly Mortgage Payments Work
Biweekly payments are made every two weeks instead of monthly. This means you make 26 payments per year instead of 12, which can significantly reduce your loan term and interest costs.
When you make biweekly payments, you're essentially making two payments each month. The first payment is on the 1st of the month, and the second payment is on the 15th (or the 14th if the 1st falls on a weekend).
Biweekly payments are not the same as making two monthly payments. With biweekly payments, the second payment is slightly larger to account for the extra days in the month.
Using the Calculator
To use the calculator, simply enter your loan amount, interest rate, and select the amortization period (15 years). The calculator will show you your biweekly payment amount, total interest paid, and total cost of the loan.
The calculator also includes a chart showing how your loan balance decreases over time with biweekly payments.
The Formula Explained
The biweekly payment amount is calculated using the same mortgage formula as monthly payments, but with a different payment frequency.
Biweekly Payment = P × (r × (1 + r)^n) / ((1 + r)^n - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate / 2 (since payments are biweekly)
- n = Total number of biweekly payments (15 years × 26 payments per year)
For example, if you have a $200,000 loan at 4% interest, the biweekly payment would be calculated as follows:
r = (4% / 12) / 2 = 0.0016667
n = 15 × 26 = 390
Biweekly Payment = $200,000 × (0.0016667 × (1 + 0.0016667)^390) / ((1 + 0.0016667)^390 - 1) ≈ $1,050.25
Biweekly vs. Monthly Payments
Here's a comparison of biweekly and monthly payments for a $200,000 loan at 4% interest over 15 years:
| Payment Type | Payment Amount | Total Interest | Total Cost |
|---|---|---|---|
| Biweekly | $1,050.25 | $105,025.00 | $305,025.00 |
| Monthly | $1,125.00 | $125,000.00 | $325,000.00 |
As you can see, biweekly payments result in a lower total interest cost and total loan cost compared to monthly payments.
Frequently Asked Questions
- What is the difference between biweekly and monthly payments?
- Biweekly payments are made every two weeks instead of monthly. This means you make 26 payments per year instead of 12, which can help you pay off your mortgage faster and save on interest.
- Can I switch from monthly to biweekly payments?
- Yes, many lenders allow you to switch from monthly to biweekly payments. You'll need to contact your lender to make the change.
- Are biweekly payments more expensive than monthly payments?
- No, biweekly payments are typically less expensive than monthly payments because you're making more payments over the life of the loan, which reduces the total interest cost.
- How do I calculate biweekly payments?
- You can use the calculator on this page to determine your biweekly payment amount. Simply enter your loan amount, interest rate, and amortization period, and the calculator will show you your biweekly payment.
- What are the benefits of biweekly payments?
- The main benefits of biweekly payments are paying off your mortgage faster, saving on interest, and potentially reducing your monthly payment amount.