See how extra payments or switching to biweekly payments cut years and interest off your mortgage.
Your loan
$
%
years
Pay it off faster
$
$
Your results
Interest saved
$0
Paid off sooner by
$0
Regular monthly payment—
Payoff time, as scheduled—
Payoff time with your plan—
Total interest, as scheduled—
Total interest with your plan—
How this is calculated
Regular payment: M = P × r(1+r)n ÷ ((1+r)n − 1) for your balance, rate and years remaining.
Each month interest = balance × rate ÷ 12; the payment plus extra goes to interest first, then principal. A one-time payment reduces the starting balance.
Biweekly (26 half-payments a year) is modeled as one-twelfth of a monthly payment added each month.
Every extra dollar goes straight to principal, so the next month's interest is charged on a smaller balance. The effect compounds: extra payments early in a loan save the most. See how amortization works.
Biweekly means paying half your monthly payment every two weeks. That is 26 half-payments, or 13 full payments a year, one more than a monthly schedule. This calculator models it as one-twelfth of a payment added each month, which is how the extra payment is typically applied. Before paying extra, check that your servicer applies it to principal and that there is no prepayment penalty. Deciding between prepaying and investing? Read pay off your mortgage early or invest.
Common questions
Is biweekly the same as paying extra?
Yes. Biweekly payments add up to one extra monthly payment a year. You can get the same result by adding one-twelfth of your payment to each monthly payment.
Does a lump sum lower my monthly payment?
Usually not. It shortens the loan instead. Some lenders offer a recast, which re-amortizes the lower balance for a smaller payment, often for a fee.
Should I pay off my mortgage early?
It depends on your rate, emergency savings, other debts and retirement contributions. High-interest debt and an emergency fund usually come first.