Biweekly or extra monthly payment — which is better?

They are nearly identical: 26 biweekly halves equal 13 monthly payments per year. Setting the equivalent extra ($payment ÷ 12) yourself is simpler and just as effective.

Should I pay off my mortgage or invest instead?

Prepaying earns a guaranteed, tax-free return equal to your mortgage rate. If expected investment returns exceed that after tax, investing may win — but prepayment is risk-free.

Do extra payments lower my monthly payment?

No — they shorten the term. Your required payment stays the same, but the loan ends earlier with far less interest paid.

Mortgage Payoff Calculator

Pay off your mortgage faster: enter your remaining loan details and test extra monthly payments, an annual lump sum, a one-time payment or biweekly repayment. The calculator shows the new payoff date, interest saved and time saved against the normal repayment schedule.

#mortgage payoff#extra payments#biweekly mortgage#pay off mortgage early#interest savings

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Presets

Original Loan Amount

Original Loan Term

years

Interest Rate

Remaining Term

years

Remaining Term

months

Extra Payment

$/month

Extra Payment

$/year

One-Time Payment Now

Biweekly Repayment (26 half-payments/yr)

Live mode: results update as you type.

Payoff In

17 yrs 3 mos

Saves $122,306 in interest · 7 yrs 9 mos earlier than normal

Normal vs Accelerated Repayment

Remaining Balance: $372,217.43
Normal Monthly Pay: $2,398.20
New Monthly Outlay: $2,898.20
Payoff (normal): 25 yrs 0 mos
Payoff (accelerated): 17 yrs 3 mos
Remaining Interest (normal): $347,243
Remaining Interest (accelerated): $224,937
Interest Savings: $122,306
Time Saved: 7 yrs 9 mos
Payoff % Faster: 31%

Remaining interest

Interest You Still Pay (normal)$347,243
Interest Eliminated$122,306

Accelerated amortization schedule (annual)

Year	Beginning Balance	Total Paid	Principal	Interest	Ending Balance
Year 1	$372,217.43	$34,778.43	$12,793.40	$21,985.03	$359,424.03
Year 2	$359,424.03	$34,778.43	$13,582.47	$21,195.96	$345,841.57
Year 3	$345,841.57	$34,778.43	$14,420.20	$20,358.22	$331,421.36
Year 4	$331,421.36	$34,778.43	$15,309.61	$19,468.82	$316,111.76
Year 5	$316,111.76	$34,778.43	$16,253.87	$18,524.55	$299,857.88
Year 6	$299,857.88	$34,778.43	$17,256.37	$17,522.05	$282,601.51
Year 7	$282,601.51	$34,778.43	$18,320.71	$16,457.72	$264,280.80
Year 8	$264,280.80	$34,778.43	$19,450.69	$15,327.73	$244,830.11
Year 9	$244,830.11	$34,778.43	$20,650.37	$14,128.06	$224,179.74
Year 10	$224,179.74	$34,778.43	$21,924.04	$12,854.39	$202,255.70
Year 11	$202,255.70	$34,778.43	$23,276.26	$11,502.16	$178,979.44
Year 12	$178,979.44	$34,778.43	$24,711.89	$10,066.53	$154,267.55
Year 13	$154,267.55	$34,778.43	$26,236.07	$8,542.36	$128,031.48
Year 14	$128,031.48	$34,778.43	$27,854.25	$6,924.17	$100,177.23
Year 15	$100,177.23	$34,778.43	$29,572.24	$5,206.18	$70,604.99
Year 16	$70,604.99	$34,778.43	$31,396.19	$3,382.23	$39,208.80
Year 17	$39,208.80	$34,778.43	$33,332.64	$1,445.79	$5,876.16
Year 18	$5,876.16	$5,921.20	$5,876.16	$45.04	$0.00

Biweekly repayment means 26 half-payments a year — the equivalent of 13 monthly payments, so roughly $199.85 extra per month without feeling like a lump sum. Annual and one-time extras are converted to their monthly equivalents here; always confirm your servicer applies extras to principal, not escrow.

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Formula

Balance now = PV of remaining payments; n with extra solves B·r(1+r)^n/((1+r)^n−1) + extra amortizes B

Pro tips

• Extra dollars cut interest for the entire remaining term — a $500/month extra on this loan saves six figures.
• One extra payment a year (biweekly plan) on a 30-year mortgage typically pays it off 4–6 years early.
• Check for prepayment penalties first, and ensure extras are applied to principal immediately.

FAQ

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Mortgage Payoff Calculator

#mortgage payoff#extra payments#biweekly mortgage#pay off mortgage early#interest savings

Year

Beginning Balance

Total Paid

Principal

Interest

Ending Balance

Year 1

$372,217.43

$34,778.43

$12,793.40

$21,985.03

$359,424.03

Year 2

$359,424.03

$34,778.43

$13,582.47

$21,195.96

$345,841.57

Year 3

$345,841.57

$34,778.43

$14,420.20

$20,358.22

$331,421.36

Year 4

$331,421.36

$34,778.43

$15,309.61

$19,468.82

$316,111.76

Year 5

$316,111.76

$34,778.43

$16,253.87

$18,524.55

$299,857.88

Year 6

$299,857.88

$34,778.43

$17,256.37

$17,522.05

$282,601.51

Year 7

$282,601.51

$34,778.43

$18,320.71

$16,457.72

$264,280.80

Year 8

$264,280.80

$34,778.43

$19,450.69

$15,327.73

$244,830.11

Year 9

$244,830.11

$34,778.43

$20,650.37

$14,128.06

$224,179.74

Year 10

$224,179.74

$34,778.43

$21,924.04

$12,854.39

$202,255.70

Year 11

$202,255.70

$34,778.43

$23,276.26

$11,502.16

$178,979.44

Year 12

$178,979.44

$34,778.43

$24,711.89

$10,066.53

$154,267.55

Year 13

$154,267.55

$34,778.43

$26,236.07

$8,542.36

$128,031.48

Year 14

$128,031.48

$34,778.43

$27,854.25

$6,924.17

$100,177.23

Year 15

$100,177.23

$34,778.43

$29,572.24

$5,206.18

$70,604.99

Year 16

$70,604.99

$34,778.43

$31,396.19

$3,382.23

$39,208.80

Year 17

$39,208.80

$34,778.43

$33,332.64

$1,445.79

$5,876.16

Year 18

$5,876.16

$5,921.20

$5,876.16

$45.04

$0.00

Pro tips

• Extra dollars cut interest for the entire remaining term — a $500/month extra on this loan saves six figures.

• One extra payment a year (biweekly plan) on a 30-year mortgage typically pays it off 4–6 years early.

• Check for prepayment penalties first, and ensure extras are applied to principal immediately.