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Bi-Weekly Refinance Calculator

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Use our Bi-Weekly Refinance Calculator to determine if you can lower your payment by refinancing your bi-weekly mortgage. With a bi-weekly mortgage, you make a payment every two weeks instead of monthly which compounds the benefits of refinancing. Use our calculator to compare different mortgage amounts, rates and payments to determine if refinancing your bi-weekly loan saves you money.

Inputs
Submit Valid Info to Compare Lenders and Save Money!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 calculator for a version of this calculator that does not require personal info
 
Outputs
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
 
 

How Our Bi-Weekly Refinance Calculator Works

To use our calculator, input your current bi-weekly 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 loan payment and total interest expense over your mortgage term.

The total interest cost 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. A shorter mortgage means fewer payments and less interest expense.

Our Bi-Weekly Refinance Calculator also shows your savings compared to your current mortgage payment as well as how long it takes you to recoup your closing fees based on your savings. You should be able to recover your costs faster with a bi-weekly mortgage because you make more payments in a year -- 26 payments to be exact -- than you make with a monthly mortgage -- only twelve payments.

The more money you save and less 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.

What You Should Know About Refinancing a Bi-Weekly Mortgage

1

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.

2

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.

3

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.

4

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.

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Current Refinance Mortgage Rates as of February 16, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click 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.

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

Programs

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

Resources

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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