Making Bi-weekly payments can save substantial amount of interest. As an example with a purchase of a 950,000 home @the currrent 5.8%* fixed mortgage (as of 7/24/22, as check your current rates for more accuracy) for 30 years. Here is a link that can be used to calculate all amounts and interest rates to show whatever savings that would be derived:
If you have a mortgage calculator that consumers can use on our site that will allow calculating and provide monthly and bi-weekly payments and savings and to show biweekly and monthly and total interest saved
How Do Biweekly Mortgage Payments Work?
In the early years of a longterm loan, most of the payment is applied toward interest. Home buyers can shave years off their loan by paying bi-weekly & making extra payments. Bi-weekly payments help you pay off principal in an accelerated fashion — before interest has a chance to compound on it.
In making biweekly payments, those 26 annual payments effectively create an additional (13th) month of regular payments in each calendar year.