Monthly VS Bi-Weekly Mortgage Payments
A bi-weekly mortgage payment is an option to make half a month’s payment every 2 weeks instead of making 12 monthly payments in full every year. Each year, the bi-weekly method adds one extra month’s payment (13 payments per year), that’s applied to your loan's principal. By making bi-weekly payments, you can potentially pay your mortgage off several years earlier than planned.
See an example of how bi-weekly mortgage payments can pay your loan off faster, versus monthly payments.
BY MAKING BI-WEEKLY PAYMENTS YOU SAVE $62,030 IN INTEREST OVER 30 YEARS & CUT 4 YEARS OFF OF YOUR LOAN
(repaying your loan In just 26 years!)