Biweekly is not the same as semimonthly
A semimonthly schedule normally produces 24 payments per year, often on two fixed dates each month. A biweekly schedule normally produces 26 payments because payments occur every 14 days.
Those two extra payment periods can change the annual amount paid and the speed at which principal is reduced.
Dates affect interest timing
When interest accrues based on time, the exact payment dates can matter. A payment arriving earlier reduces principal before additional interest has time to accrue.
A schedule should therefore generate actual dates rather than merely labeling payments as biweekly.
Comparing payment strategies
Some borrowers split a normal monthly payment in half and pay every two weeks. Others use a separate biweekly amount calculated for that frequency.
The schedule should reflect the actual agreement and posting method. Use the annual totals to verify how much is being paid each year.
Model the schedule in Amortization Pro
Use the free online calculator for a straightforward schedule, or use the registered Windows software when individual payment rows must be edited, saved, retrieved, and recalculated.