Biweekly Mortgage Recast Accelerator
Simulate how switching to biweekly payments plus occasional mortgage recasts accelerates payoff. Enter your remaining balance, APR, and remaining term, then optionally add extra biweekly contributions, scheduled recast lump sums, and fees to see the new payoff date and interest saved.
Assumes payments are applied exactly every 14 days and that recast fees do not change over time. Taxes and insurance escrows are excluded.
Examples
- Balance $325,000 at 5.25% with 22 years left, $75 extra biweekly, $10,000 recast every 2 years with $350 fee ⇒ Pays off in 15.72 years (409 payments), total paid $429,214.54, lump sums $60,000.00, fees $2,100.00, interest saved $118,071.52.
- Balance $240,000 at 4.10% with 20 years left, no extras, no recast ⇒ Biweekly cadence alone pays off in 18.43 years (479 payments), total paid $344,812.98, interest saved $21,995.34.
FAQ
Does the calculator assume recast approvals every time?
Yes. Enter the fee your lender charges per recast and the lump sum you expect to apply. If a lender limits recasts, extend the frequency or set the lump sum to zero for disallowed periods.
What if my lender sets a minimum lump sum?
Update the lump-sum field to match the minimum requirement (often $5,000 or $10,000). The tool only applies the recast when the period count hits the chosen cadence.
Can I compare against refinancing?
Use this result alongside the refinance break-even calculator to decide whether lowering your rate or recasting existing debt yields better savings.
Additional Information
- Biweekly schedules make 26 half-payments per year, effectively the equivalent of 13 full payments.
- A mortgage recast applies a lump-sum principal reduction and recalculates the payment using the remaining term.
- Interest saved compares the accelerated plan against staying on the original monthly amortisation.