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Pay Your Mortgage Off Quicker With Bi-Weekly Mortgage Payments
By making half of a monthly mortgage payment every two weeks, homeowners can save a substantial amount of money over the life of a mortgage. Typically, if a homeowner pays half of their monthly mortgage payment every two weeks, they will reduce their 30-year fixed rate mortgage by about seven years.
The reason is simple: instead of making 12 monthly payments, the owners make a half payment every two weeks, which results in 26 half payments per year, or the equivalent of 13 monthly payments over a period of 12 months. Ultimately, the principal is paid off much faster, saving a significant amount of money on mortgage interest payments.
Most banks and mortgage lenders offer bi-weekly payment options, and many even offer a weekly mortgage payment option. If you’re willing to pay your mortgage every two weeks and your lender offers you the option of making weekly mortgage payments, take full advantage of it.
Does the possibility of prepaying your mortgage sound too good to be true? Well, there’s a caveat: most banks that offer bi-weekly or weekly payment options also charge sign-up fees, often hundreds of dollars. However, there is a way to get the same results without having to pay those unnecessary fees. Simply make one additional monthly mortgage payment per year or simply spread an additional month’s payment evenly throughout the year by paying down the principal each month. Most monthly mortgage statements provide an additional line for an “additional principal payment”.
To see exactly how much money a bi-weekly or weekly payment plan can save you over the life of your mortgage, an online accelerated mortgage calculator will do the math for you. You’ll be pleasantly surprised at how much time will be removed from your mortgage term.
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