Compare three commonly confused payment strategies and see how an accelerated biweekly plan creates the equivalent of one extra monthly payment each year.
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These calculators provide mathematical estimates for education and planning. Loan agreements, lender practices, fees, taxes, payment dates, and rounding can change actual results.
How the calculation works
Standard monthly payments produce 12 payments per year. An accelerated biweekly plan makes 26 half-payments, which equals 13 full monthly payments.
A true biweekly amortization is different: it solves a payment using 26 interest periods and the original term.
The accelerated method often saves more because the total paid each year is larger, not merely because payments are more frequent.
Use the free online amortization calculator to view every payment, annual totals, charts, extra payments, rate changes, and balloon dates.
Open the free schedule calculatorAmortization Pro lets you edit individual payment rows, save and retrieve loans, export CSV files, and print complete reports. One-time price: $25.
Download Amortization ProNo. Biweekly means every 14 days, producing 26 payments in most years. Twice monthly produces 24 payments.
It creates the equivalent of 13 monthly payments each year, so more principal is paid annually.
Not necessarily. Some lenders hold partial payments until a full monthly payment is received. Confirm how payments are credited.