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Bi-Weekly Mortgage Refinance Calculator

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Use our Bi-Weekly Refinance Calculator to determine if you can lower your payment and save money by refinancing your bi-weekly mortgage. With a bi-weekly mortgage, you make a payment every two weeks instead of monthly, which enables you to pay off your loan faster.
To use the calculator, input your current bi-weekly loan payment and mortgage balance as well as your new loan amount. The calculator also includes the interest rate and length for your new mortgage so you can understand how these factors affect your new bi-weekly payment and total interest expense over the term of your loan. The total interest expense for a bi-weekly loan is less than for a monthly mortgage because paying your mortgage every two weeks reduces the length of your loan by several years.
The calculator shows you the bi-weekly payment savings compared to your current mortgage as well as how long it takes you to recoup your closing fees based on your savings. The shorter the amount of time it takes you to recover your costs, the more financial sense it makes to refinance. If your closing expenses are too high or you cannot lower your bi-weekly payment enough, refinancing may not justify the cost.  
We recommend that you use our Bi-Weekly Refinance Calculator to compare different loan amounts and mortgage rates to determine if refinancing saves you money.  We also offer a version of this calculator that does not require personal information.

When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
Bi-weekly mortgage payment based on new mortgage terms
Total interest expense you will pay over the life of your new mortgage based on the terms of your refinancing
Depending on your existing mortgage balance, the amount of your new mortgage and the amount of closing costs, you may be able to keep some of the proceeds when you refinance your mortgage. The value of your property and LTV ratio will also determine your ability to take cash out when you refinance. In some cases, you may also be required to contribute money to cover closing costs
Savings from Refinancing
The amount of money you save (or additional interest expense you incur) per payment period by refinancing
The amount of time it will take you to recover the non-recurring closing costs required to refinance your mortgage based on your savings per payment period
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Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
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Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
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Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
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Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
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Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
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FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
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Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

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Current Mortgage Refinance Rates as of December 13, 2018
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

What You Should Know About Refinancing a Bi-Weekly Mortgage


Reasons to Refinance a Bi-Weekly Mortgage

The most common reason to refinance a bi-weekly mortgage is to reduce your interest rate and lower your bi-weekly mortgage payment.  In general, your new interest rate should be at least .750% lower than your current rate when you refinance.  Reducing your interest rate by at least .750% should enable you to recover your closing costs within two and a half years of refinancing.  You recover your closing costs a little with every bi-weekly mortgage payment you make because your new payment is lower than your old payment.  You may also choose a "no-cost" refinance; however, this type of mortgage may cost you more in the long run because it requires you to pay a higher interest rate.  Use our Bi-Weekly Mortgage Refinance Calculator to determine your bi-weekly savings, how long it takes to recover your closing costs and the total interest expense over the life of the loan.


Bi-Weekly Mortgages Are Hard to Find in the U.S.

True bi-weekly mortgages are not available in the U.S. as U.S. lenders do not accept bi-weekly payments due to system limitations and because make more money with a standard monthly mortgage.  Borrowers who want to refinance into a bi-weekly mortgage should contact lenders to determine if they can set-up a bi-weekly payment schedule for their new loan.  While most U.S. lenders do no accept bi-weekly payments some lenders market bi-weekly mortgage programs.  Usually the lender does not actually set-up a true bi-weekly program for borrowers and instead applies one extra monthly payment per year.  Applying an extra payment per year does reduce your mortgage balance but not at the same rate as a true bi-weekly mortgage.  Bi-weekly mortgages are far more common in Canada, Australia and parts of Europe.


Be Alert for Bi-Weekly Mortgage Scams

Some companies and lenders advertise bi-weekly mortgage refinance programs that claim to save borrowers thousands of dollars.  These companies charge borrowers upfront and monthly fees to change their monthly mortgage into a bi-weekly mortgage and collect bi-weekly mortgage payments from the borrowers.  In most cases these companies do not make true bi-weekly payments for borrowers, because lenders do not accept them, and instead make a single extra monthly payment per year.  Borrowers do not need to pay a company or lender to make an extra payment on their behalf -- borrowers can make an extra payment to the lender on their own for free.  Borrowers should be aware of bi-weekly mortgage scams as these companies usually provide minimal value.


Consider Refinancing Into a Bi-Weekly Mortgage

If you have a monthly mortgage you should consider switching to a bi-weekly mortgage when you refinance.  A bi-weekly mortgage enables you to reduce the length of your loan by several years which significantly reduces your total interest expense.  A bi-weekly loan requires the equivalent of an extra monthly payment each year, so it has to work for your budget, but a bi-weekly mortgage can save you a lot of money in the long run.  If you are deciding if you should refinance, it may be an opportune time to change your loan program as well.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

How a Bi-Weekly Mortgage Works

Review our in-depth overview of a bi-weekly mortgage including how it reduces your mortgage term and saves you money compared to a regular 30 year mortgage with a monthly payment

Mortgage Calculators

Bi-Weekly Mortgage Calculator

Use our Bi-Weekly Mortgage Calculator to determine your bi-weekly payment, total interest expense over the life of the loan and pay-off date for a bi-weekly mortgage based on loan amount and interest rate


Reasons to Refinance Your Mortgage

Review the top reasons to refinance your mortgage including to lower your mortgage rate, shorten your mortgage length or change your mortgage program


Refinance Mortgage Rates

Compare mortgage refinance rates and fees from top lenders near you.  Comparing multiple lenders is the best way to find the mortgage with the lowest rate and fees when you refinance

About the calculator developer

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

Harry Jensen LinkedInLinkedIn | Email Harry JensenEmail

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