--- title: How to Make Biweekly Mortgage Payments to Save Money description: Shave months, even years, off your mortgage terms, and save thousands, too, simply by making biweekly payments on your mortgage. Here's how you do it. image: https://go.hfcu.org/hubfs/2022%20Blog%20Post%20Images%20800x800%20(1).jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) ### Posts by Topic - [Personal Finance (262)](https://go.hfcu.org/blog/topic/personal-finance) - [Home (164)](https://go.hfcu.org/blog/topic/home) - [Life Changes (109)](https://go.hfcu.org/blog/topic/life-changes) - [Credit Cards (92)](https://go.hfcu.org/blog/topic/credit-cards) - [Security (74)](https://go.hfcu.org/blog/topic/security) - [Credit Score (69)](https://go.hfcu.org/blog/topic/credit-score) - [Auto (60)](https://go.hfcu.org/blog/topic/auto) - [Checking (54)](https://go.hfcu.org/blog/topic/checking) - [Business (48)](https://go.hfcu.org/blog/topic/business) - [Investments (36)](https://go.hfcu.org/blog/topic/investments) - [Mortgage (32)](https://go.hfcu.org/blog/topic/mortgage) - [Savings (29)](https://go.hfcu.org/blog/topic/savings) - [Scams (29)](https://go.hfcu.org/blog/topic/scams) - [Work (28)](https://go.hfcu.org/blog/topic/work) - [Debt (25)](https://go.hfcu.org/blog/topic/debt) - [Holidays (25)](https://go.hfcu.org/blog/topic/holidays) - [Money Management (22)](https://go.hfcu.org/blog/topic/money-management) - [Hanscom FCU (21)](https://go.hfcu.org/blog/topic/hanscom-fcu) - [Home Ownership (21)](https://go.hfcu.org/blog/topic/home-ownership) - [Credit Report (20)](https://go.hfcu.org/blog/topic/credit-report) - [Government (20)](https://go.hfcu.org/blog/topic/government) - [Home Equity (18)](https://go.hfcu.org/blog/topic/home-equity) - [Budget (17)](https://go.hfcu.org/blog/topic/budget) - [Mobile Banking (17)](https://go.hfcu.org/blog/topic/mobile-banking) - [Investment Property (16)](https://go.hfcu.org/blog/topic/investment-property) - [Saving Money (16)](https://go.hfcu.org/blog/topic/saving-money) - [Insurance (15)](https://go.hfcu.org/blog/topic/insurance) - [Taxes (15)](https://go.hfcu.org/blog/topic/taxes) - [Children (13)](https://go.hfcu.org/blog/topic/children) - [College (11)](https://go.hfcu.org/blog/topic/college) - [Financial Wellness (11)](https://go.hfcu.org/blog/topic/financial-wellness) - [Retirement (11)](https://go.hfcu.org/blog/topic/retirement) - [Community (10)](https://go.hfcu.org/blog/topic/community) - [Online Banking (10)](https://go.hfcu.org/blog/topic/online-banking) - [Estate Planning (8)](https://go.hfcu.org/blog/topic/estate-planning) - [COVID (7)](https://go.hfcu.org/blog/topic/covid) - [Deals (7)](https://go.hfcu.org/blog/topic/deals) - [Death (7)](https://go.hfcu.org/blog/topic/death) - [Shopping (7)](https://go.hfcu.org/blog/topic/shopping) - [Fraud (6)](https://go.hfcu.org/blog/topic/fraud) - [Mass Save (6)](https://go.hfcu.org/blog/topic/mass-save) - [Teens (6)](https://go.hfcu.org/blog/topic/teens) - [Divorce (5)](https://go.hfcu.org/blog/topic/divorce) - [Travel (5)](https://go.hfcu.org/blog/topic/travel) - [ATM (4)](https://go.hfcu.org/blog/topic/atm) - [Baby (4)](https://go.hfcu.org/blog/topic/baby) - [Debit Cards (3)](https://go.hfcu.org/blog/topic/debit-cards) - [Motorcycles (3)](https://go.hfcu.org/blog/topic/motorcycles) - [Weddings (3)](https://go.hfcu.org/blog/topic/weddings) - [Boats (2)](https://go.hfcu.org/blog/topic/boats) - [Charity (2)](https://go.hfcu.org/blog/topic/charity) - [Family Finance (2)](https://go.hfcu.org/blog/topic/family-finance) - [Lending (2)](https://go.hfcu.org/blog/topic/lending) - [Credit Unions (1)](https://go.hfcu.org/blog/topic/credit-unions) - [Green (1)](https://go.hfcu.org/blog/topic/green) - [Medical (1)](https://go.hfcu.org/blog/topic/medical) - [Pets (1)](https://go.hfcu.org/blog/topic/pets) - [dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # How to Make Biweekly Mortgage Payments to Save Money ** [Tracy Scott](https://go.hfcu.org/blog/author/tracy-scott) ** Mar 21, 2022 ![](https://go.hfcu.org/hubfs/2022%20Blog%20Post%20Images%20800x800%20(1).jpg) Whether you've been a homeowner for 15 minutes or 15 years, paying off your mortgage faster could help you free up cash for other financial goals. Your mortgage is likely your largest single monthly expense, and each payment is due on a specific day and for a minimum amount. But switching from monthly to biweekly payments could provide substantial financial benefits. ## What Is a Biweekly Mortgage Payment? Most homeowners make 12 monthly mortgage payments a year. With a biweekly mortgage payment schedule, half the monthly payment is paid every two weeks. Since there are 52 weeks in a year, homeowners end up making 26 biweekly payments (13 full payments) every 12 months. ## What Are the Advantages of Biweekly Mortgage Payments? The interest rate and years remaining in your repayment term will determine how much you could save with biweekly mortgage payments. However, homeowners who elect to split up their payments typically: - Build home equity faster - Experience less financial stress - Eliminate [private mortgage insurance](https://go.hfcu.org/blog/4-ways-increased-home-equity-affects-your-finances) (PMI) payments sooner - Save thousands of dollars in interest charges over the life of the loan - Become debt-free faster and are able to redirect funds toward other financial goals You might experience additional benefits, depending on the details of your mortgage loan. When making biweekly mortgage payments, you must still ensure that the entire mortgage payment is received by the due date. ## Is This the Same as Bimonthly Payments? Some homeowners confuse biweekly and bimonthly payments. Unfortunately, they only realize the difference at the end of the year. Making a half payment every two weeks is not the same as making a half-payment twice a month. If you overlook this subtle distinction, you will still pay your mortgage on time, but you'll miss out on the cost-saving benefits of a biweekly mortgage schedule. Remember that biweekly payments result in 13 full payments each year (52 weeks/half payments every two weeks), while bimonthly payments (two half payments twice a month) result in 12 full payments a year. A biweekly mortgage schedule results in one additional full payment every year. A bimonthly payment schedule does not. ## Are There Other Ways to Make Extra Payments? Yes. You can achieve similar or even better results by adding a small amount to your regular monthly payment. For example, you can take the amount of your monthly mortgage payment, divide it by 12, and add that amount to each payment. This would add up to an extra monthly payment each year, which is exactly what a biweekly payment schedule does. Another option is to add a specific amount of your choosing to your monthly payment. If your mortgage payment is $1,000, add an extra $100 and direct the lender to apply it to your principal balance. At the end of 12 months, that would be an additional $1,200 toward your principal balance. The extra amount would reduce a 30-year mortgage by almost five years! If you aren't financially able to consistently add extra dollars to your monthly payment, putting found money you receive during the year toward your mortgage principal can cut the amount of interest paid over the life of the loan. Extra money could come from a variety of places including [tax refunds](https://go.hfcu.org/blog/a-smart-way-to-spend-your-tax-refund-this-year), year-end bonuses, property tax overpayments, or unclaimed property searches. Before you apply found money toward your mortgage balance, review your other debt obligations. It might be a better financial move to use the extra cash to pay down higher-interest rate [debts like credit cards](https://go.hfcu.org/blog/the-difference-between-good-debt-and-bad-debt) or personal loans. ## Are Biweekly Mortgage Payments Right for Me? Your financial situation will ultimately determine whether biweekly mortgage payments make sense for your household. If you believe biweekly payments are right for you, adjust your budget to ensure you have enough funds in your checking account to make both payments every two weeks as planned. A biweekly payment schedule must also allow time for the required monthly payment to be credited to your account by its due date. Review your home loan paperwork to ensure there are no prepayment penalties associated with your mortgage. Unlike some mortgage lenders, [Hanscom FCU does not charge a fee for paying off your mortgage early](https://www.hfcu.org/borrow/home-loans/mortgages.html). Any extra payments you make will automatically be applied to the principal balance, provided that your mortgage is current. If your mortgage loan is with another home loan lender, confirm their process for applying extra payments to the principal balance. In some instances, you may need to obtain approval from your lender before switching from monthly to biweekly payments. Hanscom FCU members can take charge of their finances by scheduling biweekly mortgage payments via the Bill Payment tab in [Online Access](https://www.hfcu.org/). Set up one-time or recurring payments at no cost. You select the payment date and amount. Need help getting started? Contact us at 800-656-4328, and we'll help you start saving money today!   [![Learn More About Refinancing Your Mortgage](https://no-cache.hubspot.com/cta/default/118438/ae6ba427-e96f-43ab-83ed-2d2ecc926646.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/ae6ba427-e96f-43ab-83ed-2d2ecc926646)   *Others are reading:* - [How Do Homeowners Use Home Equity?](https://go.hfcu.org/blog/how-do-homeowners-use-home-equity) - [5 Ways to Save Money After Buying a New Home](https://go.hfcu.org/blog/save-money-buying-new-home) - [Earn More With a Certificate Laddering Strategy](https://go.hfcu.org/blog/earn-more-with-a-certificate-laddering-strategy) - [Costs to Consider Before Buying an Investment Property](https://go.hfcu.org/blog/bid/183563/before-financing-an-investment-property-consider-this) - [Credit Card Rewards: What You Need to Know](https://go.hfcu.org/blog/credit-card-rewards-what-you-need-to-know) ** [Home](https://go.hfcu.org/blog/topic/home), [Mortgage](https://go.hfcu.org/blog/topic/mortgage) [** What You Need to Know About Putting Your Home in a Trust ](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) [** 5 Reasons Women Need to Learn About Money ](https://go.hfcu.org/blog/5-reasons-women-need-to-learn-about-money) ### About Author ![Tracy Scott](https://go.hfcu.org/hubfs/Tracy-Scott-headshot.jpg) Tracy Scott Tracy Scott is a freelance writer who specializes in personal finance and higher education. Her reading list always includes a seemingly odd mix of financial literacy articles and sweet romance novels. Tracy holds a BA in Psychology from UT Austin and has a background in higher education regulatory compliance. Related Posts [![Your First Step in Buying a Home: Pre-Approved for a Mortgage](https://go.hfcu.org/hubfs/Untitled%20design%20(85).jpg) Your First Step in Buying a Home: Pre-Approved for a Mortgage ](https://go.hfcu.org/blog/bid/172300/the-mortgage-application-process-get-pre-approved-before-you-look) [![How to Buy a Home With No Money Down](https://go.hfcu.org/hubfs/Canva%20images/Canva%20Design%20DAFi0NubHVw.png) How to Buy a Home With No Money Down ](https://go.hfcu.org/blog/how-to-buy-a-home-with-no-money-down) [![HELOC vs. Cash-Out Refinancing: What's the Difference?](https://go.hfcu.org/hubfs/FAMILY%20doing%20home%20renovation.png) HELOC vs. Cash-Out Refinancing: What's the Difference? ](https://go.hfcu.org/blog/heloc-vs.-cash-out-refinancing-whats-the-difference) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/how-to-make-biweekly-mortgage-payments-to-save-money/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/how-to-make-biweekly-mortgage-payments-to-save-money/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/how-to-make-biweekly-mortgage-payments-to-save-money/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Comment ### Subscribe To Blog ### Subscribe to Email Updates ### contact **Hanscom Federal Credit Union** 1610 Eglin St. Hanscom AFB, MA 01731 Call us: [800-656-4328](tel:8006564328) [https://www.hfcu.org/](https://www.hfcu.org/) ### About Us [The MoneyWisdom Blog](https://www.hfcu.org/the-moneywisdom-blog.html) ### Social ** ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.facebook.com/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://X.com/HanscomFCU The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### http://www.youtube.com/c/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Tracy Scott" }, "dateModified" : "March 21, 2022, 7:57:10 PM", "datePublished" : "2022-03-21 19:57:10", "description" : "Shave months, even years, off your mortgage terms, and save thousands, too, simply by making biweekly payments on your mortgage. Here's how you do it.", "headline" : "How to Make Biweekly Mortgage Payments to Save Money", "image" : { "@type" : "ImageObject", "url" : "https://118438.fs1.hubspotusercontent-na1.net/hubfs/118438/2022%20Blog%20Post%20Images%20800x800%20%281%29.jpg" }, "mainEntityOfPage" : { "@id" : "https://go.hfcu.org/blog/how-to-make-biweekly-mortgage-payments-to-save-money", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Logo%202.jpg" }, "name" : "Hanscom Federal Credit Union" } } ```