We develop a two-wavelength off-axis digital holography for quantitative phase imaging using flipping in a single interferogram shot. The interference is performed by flipping the relative position of a sample and reference beam, and the two-wavelength information is spatially multiplexed onto a monochromatic charge-coupled device camera simultaneously using polarization modulation. Due to the interferogram containing two-wavelength information with orthogonal interference fringes, the two-wavelength unwrapped information on the phase and thickness for the sample is extracted from a single shot. Our setup requires no pinholes, gratings, or dichroic mirrors with straightforward alignment. We demonstrate the operation of the setup with a step target and circular pillar.