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Basics on Biweekly Payments

If you’ve recently taken on a mortgage, one of your top questions will likely relate to how quickly you can pay it off. As one of the largest financial expenses of your life, this kind of questioning is entirely logical.

At Primary Residential Mortgage in Fort Myers, we can help with all such questions related to your mortgage purchase. One possible option if you have the financial flexibility and you’re looking to pay things down a bit faster than expected? Using biweekly mortgage payments instead of the standard monthly format. Here are some basics on this option.

Biweekly Payment Basics

Using the biweekly payment option, you send in half your monthly mortgage payment amount every two weeks rather than making a single monthly payment. Those quick on the take will have already realized that this equates to you paying more money – months are longer than four weeks.

Biweekly payments can be made using a few different formats:

  • Your lender may offer the option themselves
  • A third party might be contracted to make these payments for a small fee
  • You may handle the biweekly payments on your own, with a few important details that will be explained to you


The primary benefit of biweekly payments is paying down principal interest faster than normal. Here’s how this happens:

  • With biweekly payments, you’ll be making 13 full mortgage payments per year rather than 12. This will reduce your primary balance, allowing you to pay less interest over the life of the loan and pay the loan off sooner.
  • For many people, particularly those who receive biweekly paychecks, this format can be easier to budget for.

Notes of Caution

There are a couple important factors to make absolutely sure of if you’re considering biweekly payments:

  • You only get the benefits of biweekly payments if one payment per month is applied to your principal balance only. Make sure this is being done, rather than both payments being help until the end of the month and then a standard payment being made.
  • If you’re using a third party to help with biweekly payments, do diligent research. Make sure they’re helping with our bullet point above, ensuring that principal balance is paid down faster. Also ensure they’re responsible and get payments to the lender on time to avoid late fees.
  • If you’re making biweekly payments on your own, check to make sure payments will be handled properly and there will be no penalties.

For more on biweekly payments, or to learn about any of our services when it comes to mortgage loans, speak to the pros at Primary Residential Mortgage in Fort Myers today.
PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646. Opinions expressed are solely my own and do not express the views of my employer.

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