How Does the Biweekly Mortgage Method Work?

What exactly is the biweekly payment schedule?

Instead of one monthly payment, you split your payment in half and pay it every two weeks. The calendar does the magic: 52 weeks ÷ 2 = 26 biweekly payments = 13 full payments. The extra payment goes 100% to principal.

Step-by-step: How do I switch to biweekly?

1. Call your servicer and ask if they offer a free biweekly payment program.
2. Confirm "no setup fee" — never pay a third party hundreds for this.
3. Verify the application method — ideally, half-payments hit principal immediately. Some servicers hold them and apply once a full monthly arrives. The extra payment effect still works either way.
4. Sync with your paycheck — schedule the biweekly payment for the day after each paycheck arrives.
5. Track your statement — confirm the 13th payment hits within the first 12 months.

How much does biweekly really save?

On a $320,000, 30-year, 6.5% loan, biweekly saves about $58,000 in interest and pays the loan off 5 years and 2 months earlier than monthly. See our biweekly calculator for your exact loan.

What if my lender will not allow biweekly?

Just pay 1/12 of your monthly payment as extra principal each month. The math is identical, the lender does not need to do anything special, and you keep full flexibility.