![]() ![]() Do you plan to stay in your house long enough? If you plan to stay in your house for a short time, like 5 to 7 years, then you might be better off focusing your money in some other investment.Here are the important points to consider: Are Bi-Weekly Payments Right For You?īefore you start bi-weekly payments make sure it is a good fit for your situation. ![]() This requires little sacrifice, but reaps huge savings as you can see when you input your mortgage payment information into this Bi-Weekly Mortgage Calculator. The end result of paying every two weeks is you'll be paying more every year, regardless of whether or not you make extra principal payments in addition to your biweekly payment. Related: Here’s a scientific system to build your wealth now The net effect is similar to one extra monthly payment (13) per year. With a bi-weekly payment you'll be be making 26 payments instead of 12 – albeit smaller payments. This bi-weekly pattern is distinct from a bimonthly mortgage payment which may or may not involve extra payments. Instead of making one payment every month, you'll be making a payment every other week. Making biweekly mortgage payments is a strategy that can help you save a lot of money in interest and pay off your mortgage early. ![]() Here's everything you need to know to get started. You can make biweekly payments instead of monthly payments, and you can make additional principal payments to see how that also accelerates your payoff.Įach of these payment alternatives will take you closer to being debt free. It will figure your interest savings and payoff period for a variety of payment scenarios. This Bi-Weekly Mortgage Calculator makes the math easy. Thankfully, you can significantly reduce your debt without feeling pinched by making biweekly mortgage payments. Not sure where you will find the extra funds to make it happen? How Much Can You Save By Making Bi-Weekly Mortgage Payments?ĭo you want to pay off your mortgage early? ![]()
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