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Understand the benefit of a bi-weekly mortgage payment

 

Bi-weekly payments, the benefit of paying early on your mortgage

Paying your mortgage off early can save you thousands of dollars in interest over the life of your loan. A popular way to make extra payments is through a bi-weekly payment program. Most lenders offer programs on both 30 and 15 year fixed terms. On a thirty year term, paying through a bi-weekly program will have your mortgage paid off in approximately 23 years. You can achieve the same benefit of a bi-weekly payment program by simply adding one extra house payment per year. If your lender or mortgage servicer wants to charge a fee for you to pay on a bi weekly payment structure then you should simply divide your payment by 12 and add this to your house payment every month.

11-23-2007 ? LoanNetwork.com

 

 

 

 

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