Yes, it is true, homeowners can save thousands of dollars in interest on their mortgage with bi-weekly payments, provided they choose bi-weekly accelerated payments.

The Financial Forum offers bi-weekly accelerated payment programs through most of our major lenders that help pay off your mortgage faster with half payments twice a month. Traditional payment schedules require you to pay your mortgage once a month. But one benefit of the biweekly accelerated payment program is that it amounts to one extra payment every year toward the principal balance on your loan.

Since there are 52 weeks per year, that equals 26 biweekly payments. If you break that down, you see that it actually amounts to 13 monthly payments. Thus, you’re making one extra monthly mortgage payment every year with biweekly accelerated payments.

Clients can easily sign up for the program at inception or sometimes after closing as well. There’s usually no additional or minimal paperwork. If your loan has already closed, you should be able to request this amendment and convert to bi-weekly accelerated payments.

Although this payment option has become quite popular, it is still under-utilized in my opinion. Most people don’t think long term enough to realize the financial benefits and how impactful this option can be. For many clients, it can shave four to five years from repayment program, which can save a ton in interest.”

Clients can choose a day that aligns with your pay schedule. Every 14 days following, half of a mortgage payment will be withdrawn from your bank account.

If you want to run your numbers to see how much you can save, use our amortization calculator. Here’s a comparison of biweekly and traditional mortgage payments:

Mortgage details

  • Mortgage principal of $150,000 amortized over 25 years
  • Interest rate of 6.45% for the entire amortization period


  Payment frequency Number of payments per year Payment amount Total payments per year Interest saved on mortgage
Less frequent










More frequent

Monthly 12 $1,000 $12,000
Semi-monthly (twice a month) 24 $500 ($1,000 ÷ 2) $12,000 $162
Biweekly (every two weeks) 26 $462 ($1,000 x 12 ÷ 26) $12,012 $174
Accelerated bi-weekly 26 $500 ($1,000 ÷ 2) $13,000 $29,407
Weekly 52 $231 ($1,000 x 12 ÷ 52) $12,012 $249
Accelerated weekly 52 $250 ($1,000 ÷ 4) $13,000 $29,750



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