The short answer
Biweekly mortgage payments do save money, but not because of any trick in the timing. Paying half your payment every two weeks adds up to 13 full payments a year instead of 12, and that one extra payment goes to principal. On a $400,000, 30-year mortgage at 6.5%, that saves about $116,000 and pays the loan off in about 24 years. You can get nearly the same result, for free, without changing your payment schedule at all.
How biweekly payments work
A normal mortgage has 12 payments a year. With biweekly payments, you pay half of your monthly payment every two weeks.
There are 52 weeks in a year. That makes 26 two-week periods, and 26 half payments. Add them up and you've paid 13 full payments, not 12.
That's it. That's the whole effect. The 13th payment is extra money, and extra money sent to principal shortens the loan. If you want to see what a 13th payment would do to your own loan, a free payoff projection will show you.
What biweekly payments save
Take a $400,000, 30-year mortgage at 6.5%. The regular payment is $2,528 a month. Paid as scheduled, the loan takes 30 years and costs $510,178 in interest.
Switch to biweekly payments of $1,264 every two weeks:
| Monthly payments | Biweekly payments | |
|---|---|---|
| Paid per year | $30,339 | $32,868 |
| Paid off in | 30 years | About 24 years, 2 months |
| Total interest | $510,178 | About $393,800 |
| Interest saved | About $116,300 |
A good result. Now look at the second row. Biweekly payments cost you $2,528 more per year. That extra $2,528 is doing all the work.
The part most people miss
Paying every two weeks feels like a clever system. It's really a budgeting habit that sneaks in an extra $211 a month.
Here's proof. Compare three ways of sending the same extra money:
| Method | Extra paid per year | Paid off in | Interest saved |
|---|---|---|---|
| Biweekly payments | $2,528 | About 24 years, 2 months | About $116,300 |
| Add $211 to each monthly payment | $2,528 | 24 years, 2 months | $116,342 |
| One extra payment each January | $2,528 | 24 years, 1 month | $120,737 |
Same money, same result. Sending the whole extra payment in January even edges out biweekly, because it reaches principal sooner.
So the honest answer to "do biweekly payments save money?" is yes. The more useful answer is that any method of paying an extra $2,528 a year saves the same. Choose the one you'll stick with. We compare the yearly approach in one extra mortgage payment a year.
Watch out for paid biweekly programs
Some companies, and some lenders, offer to set up biweekly payments for you. Many charge for it: a setup fee, a per-payment fee, or both.
A $5 fee on 26 payments is $130 a year. Over 24 years, that's more than $3,000 to do something you can do yourself for nothing.
There's a second catch. Some programs collect your half payments but don't send them to your lender every two weeks. They hold them and pay monthly, then send the extra once a year. You still save, but you've paid a fee for a calendar reminder.
Before signing up for any program, ask your servicer three questions. Do you accept half payments directly? When do you apply them to my loan? Is there any fee? Paying for a biweekly program you don't need is one of the most common mortgage payoff mistakes.
When biweekly payments make sense
Biweekly payments are a good fit if you're paid every two weeks. Your mortgage payment lines up with your paycheck, and the 13th payment happens without you noticing it.
They're a poor fit if your income is irregular, or if your servicer only allows it through a paid program. In either case, adding a fixed amount to principal every month is simpler. Our guide to extra mortgage payments shows what each amount saves.
How to do it yourself, for free
You have two free options that match biweekly savings almost exactly.
Divide and add. Take your monthly payment, divide it by 12, and add that amount to principal every month. On a $2,528 payment, that's $211.
Pay once a year. Set aside the money and send one full extra payment to principal each year. Earlier in the year is slightly better.
Either way, mark the extra money "apply to principal" and confirm it on your statement.
A different way to shorten the loan
Biweekly payments, extra payments, and yearly payments all share one requirement: more money going to the mortgage. Ridgewell's Mortgage Accelerator Program is designed differently. It changes how your mortgage is structured so the income you already have does more of the work. For qualifying households, it is designed to pay off a home in as little as 5 to 7 years.
Payoff timelines are illustrations for qualifying households and are not guaranteed.
If you're also carrying car loans or credit cards, those usually come first. The Zero Debt Method is built for that.
Where to start
Call your servicer and ask whether they accept extra principal payments online at no cost. Most do. Then add one twelfth of your payment as extra principal every month.
For every strategy side by side, see how to pay off your mortgage faster. To see your own numbers, get a free payoff projection from a licensed agent.
Examples assume a $400,000, 30-year fixed mortgage at 6.5%, principal and interest only. Biweekly figures are approximate and depend on how your servicer applies payments.
