Is a Biweekly Mortgage Payment Plan Right for You?

May 14

Explore how biweekly payments could save you time and money on your mortgage.

When it comes to paying off your mortgage, small changes can make a big impact. One strategy that homeowners often consider is switching from monthly to biweekly mortgage payments. But what exactly does that mean—and is it the right move for you?

What Is a Biweekly Mortgage Payment Plan?

A biweekly payment plan means you make half of your monthly mortgage payment every two weeks, instead of one full payment each month. Since there are 52 weeks in a year, this results in 26 half-payments—or 13 full payments annually, rather than the usual 12.

That extra payment each year can significantly reduce the total interest paid and shorten your loan term.

Advantages of Biweekly Payments

✅ Pay Off Your Mortgage Faster

With one extra full payment each year, you can potentially cut years off your loan term. For example, on a 30-year mortgage, biweekly payments could help you pay it off in 25–26 years, depending on your interest rate and loan balance.

✅ Save on Interest

The more often you pay down your principal, the less interest accrues. This means thousands in potential savings over the life of your loan.

✅ Build Equity Sooner

Faster principal reduction also means you’ll build home equity more quickly—giving you greater financial flexibility for the future.

Things to Consider

While the benefits are appealing, there are a few things to keep in mind:

Check with your lender: Not all lenders offer biweekly payment options directly. Some may charge a setup fee or require a third-party payment service.
Budgeting adjustments: You'll need to make sure your cash flow can support payments every two weeks instead of monthly.
Avoid third-party scams: Only work with trusted providers or directly with your lender to set up a biweekly plan.

Frank Herrera