Fortnightly vs monthly mortgage repayments
See how paying half your monthly repayment every fortnight shortens a home loan and saves interest.
Lenders calculate interest daily and some set fortnightly repayments differently, so check with yours. Not financial advice.
How this calculator works
There are 26 fortnights in a year, so 26 half-payments add up to 13 monthly payments instead of 12. That extra month each year goes straight off the principal.
Worked example: on $500,000 at 6% over 30 years the monthly repayment is about $2,998. Paying $1,499 a fortnight instead clears it in about 24½ years and saves roughly $124,000 in interest.
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