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Churchill Mortgage
Home Loan Specialist | NMLS: 123456
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1749 Mallory Lane, Suite 100, Brentwood, TN 37027
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Biweekly Payment Calculator
This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.
These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.
How To Use The Biweekly Payment Calculator
Use our biweekly mortgage calculator to help you estimate your potential savings! This calculator is intended to help estimate a bi-weekly mortgage payment, and understand the amount of interest you may pay or save based on your loan amount, interest rate, and loan term. These numbers are meant only to help build a better idea of your financial situation as you build a budget for your mortgage.
- Budget for an affordable mortgage payment
- Compare biweekly and monthly payments to see interest savings
- Learn how extra payments can save you time and money
* Other factors such as existing debt, down payment, property taxes and mortgage insurance can end up affecting your payment amount.
Biweekly or monthly mortgage payments- what’s better?
If you pay your mortgage monthly (as most homeowners do), that equals 12 payments a year. So, if you start making biweekly payments, you will pay half your normal monthly mortgage amount once every two weeks. Since there are 52 weeks in a year, this works out to 26 payments (or essentially 13 monthly payments).
By paying 13 monthly payments over a 12-month time period, you’ll ultimately pay less total interest on your home loan and will lower your principal balance at a faster pace than if you just stuck with the traditional 12 payments a year.
Budget looking good? Great!
Get your mortgage consult with a Home Loan Specialist.
Bi-Weekly Repayment FAQs
How does a bi-weekly payment save money?
With a bi-weekly plan, you make a half payment every two weeks instead of one full payment each month.
Since there are 52 weeks in a year, that adds up to 26 half-payments, or 13 full payments a year instead of 12.
That extra payment goes straight toward your loan’s principal, helping you pay off your home faster and save money on interest over time.
It’s a small change that makes a big difference.
Who offers bi-weekly payment plans?
Some lenders and mortgage servicers offer bi-weekly payment options directly.
Others may let you set one up through an outside service.
Churchill Mortgage can help you explore whether a bi-weekly plan is available with your loan, or help you find a smart way to make extra payments on your own.
How do I sign up for a bi-weekly payment plan?
Start by talking with your loan servicer, the company that collects your monthly mortgage payment.
They can tell you if a bi-weekly option is available and help you set it up. Or, connect with a Churchill Home Loan Specialist for guidance.
We’ll walk you through your options and make sure you choose the one that fits your goals and your budget.
- Biweekly Payment
- A mortgage payment made every two weeks instead of once per month. Since there are 52 weeks in a year, this results in 26 half-payments, or the equivalent of 13 full monthly payments annually.
- Loan Term
- The length of time over which the loan is scheduled to be repaid (e.g., 15, 20, or 30 years).
- Loan Amount (Principal)
- The original amount borrowed from the lender, not including interest or fees.
- Interest Rate
- The annual percentage rate charged by the lender for borrowing money, not including fees or compounding
- Amortization
- The process of gradually paying off a loan through scheduled payments of principal and interest over time.
- Payment Frequency
- The interval at which payments are made (monthly, biweekly, weekly, etc.).
Common Mortgage Terms
