What is the advantage of paying mortgage biweekly or every two weeks compare to paying it monthly or once a mo

Question : What is the advantage of paying mortgage biweekly or every two weeks compare to paying it monthly or once a mo

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Best answer:

Answer by Always Right
You will pay it off a lot earlier.

This entry was posted by admin on October 4, 2010 at 4:17 am, and is filed under Loans & Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (8)
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#1 written by Diane F 1 year ago

a quick web search came up with lots of results but this is the best one i could find for you.

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#2 written by aleksandra 1 year ago

well if you pay a full payment twice a month you will pay if off in half the time and pay much less interest over the life of the loan and get a lower rate, which when paying a mortgage can be a huge savings!!!

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#3 written by ann 1 year ago

You might get a little discount from the lender. But I would not commit to paying that often. If you make 2 extra payments per year, it is the same effect, without having to promise to paying on an accelerated plan.

Check out ‘mortgage calculators’ there are many of them out there, your numbers will tell you what to do.

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#4 written by CHARITY G 1 year ago

You pay it off earlier – if you pay once a month you make twelve payments – if you pay bi-weekly you make thirteen. Depending on your mort. contract this could potentially take off ten years of interest on the life of a thirty year.

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#5 written by janiesheron 1 year ago

It makes an extra payment per year, it reduces your principal faster, thus saving you more on interest for the life of the loan………We have our home loan set up that way , and it amazing at how much it has paid it down……..

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#6 written by doglover 1 year ago

You would make an extra full payment a year if you made it bi-weekly.

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#7 written by bgee2001ca 1 year ago

You will pay a lot less interest over the life of the mortgage, and the principal will come down much faster.

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#8 written by regerugged 1 year ago

You will reduce the length of your mortgage because you will make extra payments. A 30 year mortgage will be paid off in 23 years.

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