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Landmark Premier Properties
Brian Janes --- Steve Eastin
401 Arapahoe St / PO Box 111
Kiowa, CO, 80117
Office: 303-646-1171
Fax: 303-646-2332
Lic. #: 34343
benefits of paying mortgage bi-weekly | Print |

What about splitting my mortgage in two and paying bi-weekly?


Some people set on paying off their home loan early and reducing interest charges opt for a biweekly mortgage. Monthly payments are divided in half, payable every two weeks.
Because there are 52 weeks in a year, the program results in 26 half-payments, or the equivalent of 13 monthly payments per year instead of 12. Using the biweekly payment system, a homeowner with a $70,000, 30-year biweekly mortgage at 10 percent interest could save $60,000 in interest and pay off the balance in less than 21 years.
 
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