Is there a prepayment penalty on my mortgage?

Most conventional loans have no prepayment penalty. FHA and VA loans also don't. But check your loan documents—some portfolio loans or credit union mortgages may charge up to 2% of the balance.

Can I make extra payments every two weeks?

Yes, most lenders allow it. Just confirm they apply the extra to principal, not future payments.

How much faster will I pay off my mortgage with biweekly plus extra payments?

That depends on your numbers. Use the calculator above—it shows your exact payoff date with and without extra payments.

What's the typical extra payment amount people use?

Common amounts range from $25 to $200 per biweekly period. Some people round up their payment to the nearest hundred.

Does this calculator work for 15-year mortgages too?

Yes. You can enter any loan term. The tool adjusts the math for 15-year or 30-year loans.

What if my lender charges a fee for biweekly payments?

Some lenders charge a setup fee. Ask first. You can also do it yourself by sending half your payment every two weeks manually.

Biweekly Mortgage Calculator with Extra Payments

See exactly when you will be mortgage-free.

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Frequently Asked Questions

Is there a prepayment penalty on my mortgage?: Most conventional loans have no prepayment penalty. FHA and VA loans also don't. But check your loan documents—some portfolio loans or credit union mortgages may charge up to 2% of the balance.
Can I make extra payments every two weeks?: Yes, most lenders allow it. Just confirm they apply the extra to principal, not future payments.
How much faster will I pay off my mortgage with biweekly plus extra payments?: That depends on your numbers. Use the calculator above—it shows your exact payoff date with and without extra payments.
What's the typical extra payment amount people use?: Common amounts range from $25 to $200 per biweekly period. Some people round up their payment to the nearest hundred.
Does this calculator work for 15-year mortgages too?: Yes. You can enter any loan term. The tool adjusts the math for 15-year or 30-year loans.
What if my lender charges a fee for biweekly payments?: Some lenders charge a setup fee. Ask first. You can also do it yourself by sending half your payment every two weeks manually.

How Biweekly Payments with Extra Payments Work

A standard biweekly mortgage plan splits your monthly payment in half and you pay that every two weeks. That adds up to 26 half-payments per year—which equals 13 full payments instead of 12. The extra payment each year shaves years off your loan term. But what if you add more? Say you pay an extra $50 or $100 per biweekly period. That extra accelerates your payoff even further. When I first bought my house, I didn't realize how much a small extra payment could do. I threw an extra $75 each paycheck at my mortgage and cut my 30-year term down to 22 years. This calculator shows you exactly what your numbers would do.

Typical Input Ranges for This Calculator

Loan amounts range from $5,000 to $100,000.
APRs currently sit between 6.99% and 29.99%.
Repayment terms span 12 to 60 months.
Your credit score determines your rate.
Typical borrowers report two years of credit.
Minimum annual income requirement is $25,000.
Funding arrives within one to three days.
Your actual numbers may vary significantly.

Biweekly vs. Monthly: What's the Difference?

A standard monthly plan means 12 payments a year. Biweekly means 26 half-payments, which equals 13 full payments. Add extra payments on top, and you can save tens of thousands in interest. This calculator compares both side by side so you can see the gap at a glance.

Important Caveats Before You Commit

Honestly, this won't work if your lender charges a prepayment penalty. Most conventional loans don't—Fannie Mae and Freddie Mac allow extra payments without penalty. But some credit unions or portfolio lenders still tack on a fee, up to 2% of your outstanding balance. Also, check if your servicer applies extra payments correctly. Some apply them to future payments instead of principal. You want them applied to principal immediately. In my experience, a quick phone call can sort that out. And remember: if your rate is below 4%, throwing extra at your mortgage might not beat investing that money in the market. But at today's rates—6.5% to 7% for a 30-year—paying down debt looks pretty smart.

How Much Can You Save? Use the Calculator

The numbers above are just examples. Your actual savings depend on your loan amount, rate, term, and extra payment amount. Plug your own numbers into the tool above. It's the only way to get a personalized answer. I've found that even $25 extra per biweekly payment on a $350,000 loan at 6.75% can save over $20,000 in interest and cut 2-3 years off the term. But don't take my word for it—check the calculator.

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