The Biweekly Mortgage Payment Strategy
A standard mortgage requires 12 monthly payments per year. A biweekly mortgage payment schedule requires making a half-payment every two weeks (26 times a year).
Because there are 52 weeks in a year, making 26 biweekly half-payments is equivalent to making 13 full monthly payments annually. This extra payment accelerates the principal paydown without requiring a large budget adjustment.
The math is formulated as follows:
$$\text{Biweekly Payment} = \frac{\text{Standard Monthly Payment}}{2}$$
$$\text{Annual Payments} = 26 \times \text{Biweekly Payment} = 13 \times \text{Standard Monthly Payment}$$
This extra payment is applied directly to the principal balance, reducing the outstanding loan amount faster. As a result, subsequent interest charges are lower, which compounding interest savings over the life of the loan. A standard 30-year mortgage is typically paid off in 22 to 25 years using this strategy, saving tens of thousands of dollars in interest.