Bimonthly Mortgage Payment Calculator
Compare monthly versus twice-per-month mortgage payments.
Table of Contents
How to Use
- Enter your total loan amount, annual interest rate, and loan term in years.
- The calculator computes the standard monthly payment and a semi-monthly payment schedule with half-sized payments every half month.
- Review total interest, payoff time, and months saved when you switch to semi-monthly payments.
- Use the results to decide whether setting up automatic bimonthly payments is worth the effort.
How Semi-Monthly Payments Work
A bimonthly (semi-monthly) payment plan splits your mortgage payment in half and drafts it twice each month. Because part of the principal is paid 15 days earlier, less interest accrues, leading to modest interest savings and a shorter payoff timeline.
Benefits of Paying Twice per Month
- Interest savings without increasing your monthly budget.
- Faster principal reduction and a shorter loan term.
- Smoother cash flow for households paid twice per month.
Things to Consider Before Switching
- Check whether your lender supports semi-monthly drafts and if there are fees.
- Confirm that automatic payments are applied directly to principal, not held in suspense.
- Ensure your budget can handle the earlier draft date each month.
Alternatives to Semi-Monthly Payments
Biweekly payments (every two weeks) generate slightly larger savings because you make 26 half-payments per year, equal to one extra monthly payment. Lump-sum principal prepayments can achieve similar results if semi-monthly drafting is not available.
Frequently Asked Questions
- Is bimonthly the same as biweekly?
- No. Bimonthly payments occur twice per month (24 payments per year). Biweekly payments occur every two weeks (26 payments per year) and create a full extra payment annually.
- Do I pay more with semi-monthly payments?
- This calculator keeps your total monthly outflow the same. You pay half the monthly amount twice per month, so the yearly total is unchanged. The savings come from reducing interest accrual between payment dates.
- Can I set this up with any lender?
- Not all lenders support semi-monthly drafts. Some may require enrolling in an accelerated payment program or charging fees. Contact your lender to confirm available options.