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Biweekly Payment Calculator
A biweekly payment calculator splits your monthly payment in half and pays it every two weeks. That produces 26 half-payments a year, which shortens the term and reduces the total interest.
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How this calculator works
Biweekly payments split the monthly payment in half and pay it every two weeks. Because a year has 26 two-week periods, you make 26 half-payments, the equivalent of 13 monthly payments instead of 12.
Monthly payment: M = P * r * (1 + r)^n / ((1 + r)^n - 1).
Biweekly payment = M / 2. Using the biweekly rate r = annual rate / 26 / 100, the number of biweekly periods is:
N = -ln(1 - r * P / (M / 2)) / ln(1 + r).
The extra payment each year shortens the term and reduces total interest. If the half-payment cannot cover the biweekly interest, the balance never falls.
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