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How Extra Payments Reduce Your Mortgage
Every dollar of extra principal payment immediately reduces the balance on which future interest is calculated. Because mortgage interest compounds monthly on the remaining balance, paying down principal early has an outsized effect — each dollar saved today prevents interest from accumulating on that dollar for potentially decades.
The earlier in a loan's life you make extra payments, the greater the impact. This is because early mortgage payments are mostly interest — very little principal is paid down in the first few years. Extra payments cut straight to principal, leapfrogging years of interest accumulation.
Biweekly Payments Explained
Switching to biweekly payments is one of the simplest extra payment strategies. By paying half your monthly payment every two weeks, you make 26 half-payments per year — the equivalent of 13 monthly payments instead of 12. That one extra monthly payment per year typically cuts 4–6 years off a 30-year mortgage and saves tens of thousands in interest with no change to your monthly budget.
Check with your lender before switching to biweekly payments. Some servicers charge a fee to set this up, while others apply extra payments to future months rather than immediately to principal. If your servicer doesn't offer biweekly billing, you can replicate the effect by adding 1/12 of your monthly payment to each month's payment manually.