Bi-Weekly Payment
What does paying every 2 weeks save you?
Biweekly saves
$116,342
Plus you pay off the loan 5 years 10 months earlier, because 26 biweekly payments per year = 13 monthly equivalents = 1 extra monthly payment per year, which goes straight to principal.
Monthly payment
$2,528
standard schedule
Biweekly payment
$1,264
half of monthly, every 2 weeks
Effective annual extra
$2,528
1 extra monthly payment per year
Years saved
5yr 10mo
290 mo vs 360 mo
Interest saved
$116,342
$510,178 → $393,836
Loan balance over time
Not all lenders accept biweekly payments directly. Some require enrollment in a biweekly program with a $200-400 setup fee + per-payment charges. You can do it yourself for free: add 1/12 of your monthly payment as extra principal every month. Same math, no fees. Or make one full extra monthly payment per year (e.g., when you get a tax refund) for nearly identical lifetime savings.