Monthly or Biweekly Payments? A biweekly mortgage allows you to make a mortgage payment every 2 weeks resulting in 26 payments per year versus 12 monthly payments per year, or the equivalent of 13 monthly payments. The result is a considerable reduction in the term of the mortgage, as well as savings in total interest paid.     Loan Information $     What is the purchase price of the home you are interested in?     Please enter an interest rate between 6 and 16.    % What is the interest rate of the new home loan? Monthly Payments Biweekly Payments     30            This is the term of the mortgage. As you can see, on a 30 year mortgage, making biweekly payments will substantially reduce the term of the loan.       This is what your payment would be.       This is the total amount you will pay per year.       This is the total amount you will pay over the life of the loan.       This is the total interest you will pay on the loan.       This is the amount of interest you will save making biweekly payments. Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult with Lisa Gibbs.