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Bi-Weekly Mortgage Calculator
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Bi-Weekly Mortgage Calculator

Determine your bi-weekly mortgage payment (every two weeks) based on mortgage amount and interest rate (for our friends in Australia, Canada and Europe). The graph below the table shows how the breakdown between principal and interest payments changes and how the principal balance gets paid down over the term of the mortgage. It is important to highlight that a bi-weekly mortgage gets paid off faster than its stated term. For example, a bi-weekly mortgage with a 30 year term gets paid off in year 26. This is because by making a mortgage payment every two weeks you pay off the principal balance faster than you do if you make a monthly payment

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Rate:  
Points  More Info:
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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P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
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Property Tax More Info
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 More Info
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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Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
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Points More Info
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.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
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Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
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.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
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FHA Upfront Premium More Info
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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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. 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 Borrowers Should Know About a Bi-Weekly Mortgage

1

Bi-Weekly Mortgage Basics

With a bi-weekly mortgage, the borrower makes payments every two weeks instead of once a month. With a bi-weekly mortgage you make 26 payments over the course of year as compared to twelve monthly payments for a standard mortgage.  Because you make payments every two weeks the required bi-weekly mortgage payment is half the amount of a monthly mortgage payment.  For example, if the required monthly mortgage payment is $3,000, the bi-weekly payment is $1,500. 

2

How a Bi-Weekly Mortgage Saves You Money

A bi-weekly mortgage pays down your mortgage faster for two reasons.  First, true bi-weekly mortgages amortize every two weeks, which means the principal balance is reduced and the required interest payment is caluclated every two weeks instead of monthly.  Second, because 26 bi-weekly mortgage payments equals 13 monthly mortgage payments you effectively make one extra payment each year with a bi-weekly mortgages.  Making an extra payment enables you to pay down your mortgage balance faster, or accelerate your mortgage, which reduces the length of your mortgage and saves you thousands of dollars in interest expense over the life of your loan.  For example, depending on the interest rate, a bi-weekly mortgage is generally four-to-five years shorter than a monthly 30 year mortgage, which means you save yourself up to five years in mortgage payments.

3

Bi-Weekly Mortgages in the U.S.

Bi-weekly mortgages are most popular in Canada and Australia and are very uncommon in the U.S.  U.S. lenders typically do not accept bi-weekly payments because they make more money with a regular monthly mortgage.  Borrowers who want to change their monthly mortgage into a bi-weekly mortgage should contact their lender to determine if they can set-up a bi-weekly payment schedule.  While most 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 which reduces your mortgage balance.  Borrowers, however, do not need a special lender program and should make the extra payment on their own instead of wasting money on unnecessary lender fees.

4

Beware of Bi-Weekly Mortgage Scams

Some companies advertise bi-weekly mortgage 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 payments from the borrowers.  In most cases these companies do not make true bi-weekly payments for borrowers and instead make a single extra monthly payment per year.  Borrowers do not need to pay a company to implement a bi-weekly mortgage program or make an extra monthly payment on their behalf.  Borrowers should be weary of bi-weekly mortgage services and avoid fraudulent companies.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

How a Bi-Weekly Mortgage Works

Review our comprehensive explanation of how a bi-weekly mortgage works including how it saves you money compared to a monthly payment mortgage

Mortgage Calculators

Bi-Weekly Mortgage Acceleration Calculator

Use our bi-weekly mortgage acceleration calculator to determine how you can reduce the length of your mortgage and save thousands of dollars in interest expense by overpaying a bi-weekly mortgage

Programs

Mortgage Acceleration Overview

Understand how you can apply mortgage acceleration to reduce your loan term and shave monthly payments off of your mortgage

Resources

Mortgage Rates

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

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By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.