A 12-mile each way bike ride is decent but not the same. I'd suggest cutting out the cardio to save money, then run or swim or do something else like that if you want to save money.
For example, if you add a bit more time to the commute, you could walk & run the 12 miles one way each day, as long as there was some way to shower or change into work clothes when you get there after toweling down. Doing that's actually better than doing cardio at a gym, especially if you increase the running portion of the 12 miles over time. That would be a nice commute if you make the extra time available; on the other 12-mile portion you could walk or take the bus-you'd get in better shape than you are now IMO.