Bi-weekly mortgage payments mean paying half your monthly payment every two weeks. Because there are 52 weeks in a year, that adds up to one extra full payment each year. That extra payment goes toward your balance, which can help you pay off your home years sooner and save on interest.
How do bi-weekly payments work?
Instead of 12 monthly payments a year, you make 26 half-payments. That’s the same as 13 full payments. The extra payment lowers your loan balance faster, so less of each future payment goes to interest.
Do bi-weekly payments really save money?
Often, yes. The savings depend on your loan amount, your rate and how long you’ve had the loan. The earlier you start, the bigger the difference over the life of the loan.
Want to see your own numbers? Try our mortgage calculator, or ask us to run it for you.
How do I set up bi-weekly payments?
- Check with your loan servicer first. Some offer a bi-weekly plan. Others only accept monthly payments.
- Watch for fees. Some third-party bi-weekly programs charge setup or monthly fees you don’t need to pay.
- A simple alternative: add one-twelfth of your payment to each monthly payment, marked as extra principal. You get a similar result with no special program.
Is there a better option for me?
Sometimes. If your goal is to pay off your home faster, a refinance to a shorter term may make more sense, especially if you can lower your rate at the same time. We’ll compare both and show you which saves more.
Frequently asked questions
Do bi-weekly payments hurt my credit?
No. As long as your payments are made on time, paying early or paying extra doesn’t hurt your credit.
Can I stop bi-weekly payments later?
Usually, yes. If you’re adding extra principal yourself, you can stop anytime. If you use a servicer’s program, check their rules.
Is there a penalty for paying my mortgage off early?
Most home loans today don’t have prepayment penalties, but check your loan documents or ask us to take a look.
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Avalon Mortgage Group is based in Alpharetta, Georgia, serving Milton, Roswell, Johns Creek, Cumming, metro Atlanta and beyond.
Loan programs, pricing and eligibility are subject to underwriting and can change. Match or Beat applies to comparable written mortgage offers. Not a commitment to lend.