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When making a mortgage payment is it better to pay weekly, bi-weekly or monthly?

April 26, 2017bi-weekly mortgage pay payment

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When making a mortgage payment is it better to pay weekly, bi-weekly or monthly?

1 Answer

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It is not really the frequency that makes real difference but how much you pay per year. If you pay weekly or bi-weekly you make one extra payment per year. This is the reason you pay off your mortgage sooner. If you were to pay yearly and make one extra monthly payment on your anniversary date you will have your mortgage paid off in the same amount of time as weekly and bi-weekly.