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Bi-Weekly Mortgage Calculator
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Bi-Weekly Mortgage Calculator

Calculator developed by

Use our Bi-Weekly Mortgage Calculator to determine your bi-weekly loan payment based on your loan amount, length and mortgage rate.  With a bi-weekly mortgage you make a payment every two weeks instead of monthly. Making a payment every two weeks, so twenty six payments a year, is the equivalent of thirteen monthly payments, so you make an extra monthly payment every year with a bi-weekly mortgage.  Making that extra payment enables you to pay off your mortgage sooner because you reduce your principal loan balance faster as compared to a standard mortgage with a monthly payment.
The amortization chart below the calculator shows how the split between principal and interest payments changes and how the principal balance gets paid down faster with a bi-weekly mortgage.  For example, a bi-weekly mortgage usually gets paid off in approximately 26 years depending on your interest rate and other factors, as compare to thirty years for a standard monthly fixed rate mortgage.  As demonstrated by the calculator, your required bi-weekly mortgage payment remains the same, but you have fewer payments which means your loan term is shorter.  The calculator enables you to determine the payoff date for a bi-weekly mortgage and understand how many years you shave off your loan.  
Paying down your mortgage faster also significantly reduces the total interest expense you pay over the course of your loan, which is the second output for our Bi-Weekly Mortgage Calculator. In simple terms, your interest cost is lower because your mortgage is outstanding for a shorter period of time.  The shorter the length of time you owe money to the bank, the less interest you owe.  This dynamic can save you a lot of money over your loan term relative to a monthly mortgage.
While a bi-weekly mortgage offers several advantages compared to a monthly mortgage, there are considerations as well.  Borrowers must be able to afford the equivalent of an extra monthly mortgage payment per year which may not fit your budget, especially if your finances are already tight.  Additionally, bi-weekly mortgages are somewhat hard to find in the United States because most lenders lack the systems to process bi-weekly payments and also probably because lenders earn less interest income with bi-weekly loans.
If a lender claims to offer a bi-weekly mortgage make sure the lender accepts true bi-weekly payments -- not bi-monthly payments -- and applies your principal payments to your loan balance when received.  This ensures that your loan gets paid down faster, saving you money in the long run.  We encourage you to use our Bi-Weekly Mortgage Calculator to understand the financial benefits of this loan program and determine if a bi-weekly loan makes financial sense for you. 

Inputs
 
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Rate Details*
Loan Program:  
Monthly Payment:  
APR:  
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.
 
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
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%.
(Estimated)
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 ...
(Estimated)
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 ...
(Estimated)
Homeowner Association Fee More Info
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.
(If Any)
Total Monthly Housing Payments
Lender Fees
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.
Credit Report Fee More Info
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.
(If Any)
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.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

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.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
Current Mortgage Rates as of December 11, 2018
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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.  Use our Bi-Weekly Mortgage Calculator to determine your bi-weekly loan payment as compared to a monthly payment.

2

How a Bi-Weekly Mortgage Saves You Money

A bi-weekly mortgage pays down your mortgage faster than a monthly mortgage 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 calculated 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 as compared to the twelve payments you make with a standard monthly mortgage.  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.  Our Bi-Weekly Mortgage Calculator enables you to quantify your savings by showing you the earlier payoff date and lower total interest expense.

3

Bi-Weekly Mortgages in the U.S.

Bi-weekly mortgages are most popular in Canada and Australia and are relatively uncommon in the U.S.  Many U.S. lenders 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 not 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.

5

The Important Difference Between Bi-Weekly and Bi-Monthly

Some lenders try to market bi-monthly loan programs -- when you make a loan payment twice a month -- as bi-weekly mortgages but these programs do not offer the same financial benefits to borrowers. If you make two mortgage payments a month that is the equivalent of twelve monthly payments per year which is the same as a standard mortgage.  With a bi-monthly loan you do not benefit from reducing your mortgage term and total interest expense.  If you are interested in a bi-weekly mortgage do not be distracted or deceived by the b-monthly alternative.  Additionally, bi-weekly mortgages are especially applicable if you get paid on a bi-weekly basis -- again, that's every two weeks, not twice a month. That way you can have your loan payments automatically deposited from your paycheck which makes it easier to manage your finances.

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

Sources

Bi-Weekly Mortgage: https://www.consumerfinance.gov/ask-cfpb/someone-offered-me-the-ability-to-make-26-bi-weekly-mortgage-payments-a-year-for-a-fee-is-there-a-way-i-can-pay-down-my-loan-faster-on-my-own-without-paying-a-fee-to-sign-up-for-this-plan-en-203/

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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