How Many Years Does a Biweekly Mortgage Payments Save?

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When it comes to paying off a mortgage, saving both time and money is a top priority for homeowners. One strategy gaining popularity is the use of biweekly mortgage payments. In this article, we will explore the concept of biweekly payments and answer the burning question: “How many years does a biweekly mortgage payment save?”

Understanding Biweekly Mortgage Payments

A biweekly mortgage payment is a payment made every two weeks instead of the traditional monthly payment. The key difference lies in the frequency of payments, which allows for accelerated mortgage repayment. By breaking down the monthly payment into smaller chunks, homeowners can make 26 half-payments in a year, which translates to 13 full payments. This extra payment annually can have significant long-term benefits.

How Biweekly Mortgage Payments Work

Setting up biweekly mortgage payments is relatively simple. Homeowners can either work directly with their lenders or use third-party services to facilitate the process. Once established, instead of paying the full monthly amount on a specific date, you pay half of the monthly payment every two weeks. This payment schedule aligns with your paycheck, making it easier to manage your finances.

Factors Affecting Time Saved with Biweekly Mortgage Payments

The time saved by making biweekly mortgage payments depends on various factors. Three significant variables include the loan amount, interest rate, and remaining loan term. Let’s take a closer look at each:

1. Loan Amount

The larger the loan amount, the more interest you will pay over the repayment term. By making biweekly payments, you can reduce the principal balance faster, resulting in less interest accrued. This reduction in interest can potentially save you years of repayment time.

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2. Interest Rate

The interest rate plays a crucial role in determining the overall cost of your mortgage. With a lower interest rate, more of your payment goes towards the principal balance. By making biweekly payments, you can further diminish the principal faster, which can lead to substantial time savings.

3. Remaining Loan Term

If you have a long remaining loan term, making biweekly payments can significantly impact the time it takes to pay off your mortgage. By paying off more of the principal balance each year, you can shorten the loan term and be mortgage-free sooner.

Frequently Asked Questions (FAQ)

Let’s address some common questions regarding biweekly mortgage payments and the time saved:

How does a biweekly payment schedule affect the overall interest paid?

Biweekly payments reduce the amount of interest paid over the life of the loan. By making an extra payment each year, you decrease the principal balance, resulting in less interest accruing over time. This reduction can save you a considerable amount of money in the long run.

Are there any disadvantages to biweekly mortgage payments?

While biweekly payments offer numerous benefits, it’s essential to consider potential disadvantages. Some lenders may charge fees for setting up biweekly payments or require borrowers to enroll in specific programs. Additionally, not all lenders offer biweekly payment options, so it’s crucial to check with your lender before pursuing this strategy.


In conclusion, biweekly mortgage payments can be a game-changer for homeowners looking to save both time and money. By breaking down the monthly payment into smaller, more frequent payments, you can reduce the principal balance faster and save years off the repayment period. Factors such as the loan amount, interest rate, and remaining loan term all play a role in determining the exact time saved. So, if you’re ready to pay off your mortgage sooner, consider the power of biweekly payments and start saving today.

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Remember, the key to financial freedom lies in finding strategies that work for you. By exploring options like biweekly mortgage payments, you’re taking a step towards a brighter and more secure future. So why wait? Start saving time and money today with biweekly mortgage payments!

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