Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Do bi-weekly mortgages really save money?

April 26, 2017bi-weekly mortgages save money

0

Posted

Do bi-weekly mortgages really save money?

1 Answer

0

Posted

– In a bi-weekly mortgage, you make half monthly payments every two weeks (26 per year). This more rapid repayment of the mortgage, combined with what is essential a 13th monthly payment each year, can really pay off big. Depending on the interest rate environment, a 30-year mortgage will pay off 5 to 8 years early, saving you thousands of dollars over the life of your loan. Consult with a mortgage specialist for more information.