Biweekly Loan Payoff Calculator
See how biweekly payments shorten a loan.
Enter your values
ⓘ Live results
Results
- Standard monthly payoff
- 30 years, $289,595.47 interest
- Biweekly payoff time
- 24.5 years
- Biweekly total interest
- $227,565.46
- Interest saved
- $62,030.02
- Time saved
- 5.5 years
Quick answer
Paying half your monthly payment every two weeks results in 26 half-payments a year — the equivalent of 13 monthly payments instead of 12 — which pays off the loan faster.
Biweekly payment = monthly payment / 2, paid 26x per year
How to use the Biweekly Loan Payoff Calculator
- 1Enter your loan balance, rate and original term.
- 2The calculator applies half the monthly payment every two weeks.
- 3Compare payoff time and total interest against the standard monthly schedule.
Worked example
Using the values the calculator loads with:
Inputs
- Loan balance250000 $
- Interest rate6 % APR
- Original loan term30 years
Results
- Standard monthly payoff30 years, $289,595.47 interest
- Biweekly payoff time24.5 years
- Biweekly total interest$227,565.46
- Interest saved$62,030.02
- Time saved5.5 years
Frequently asked questions
Why does biweekly save money?
You make 26 half-payments a year, equal to 13 full monthly payments instead of 12, chipping away extra principal.
Does my lender need to approve this?
Check first — some lenders only post payments monthly, so ask about a true biweekly or automated extra-principal plan.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.