Should You Pay Your Mortgage Bi-weekly or Monthly? Let’s Take a Look

Most homeowners look at their monthly mortgage payment as their largest cost per month, and something they must do to maintain a good credit history. However, you may have heard of bi-weekly mortgage payments and their ability to lower your debt load and help you pay off your mortgage more quickly. If you’re wondering if bi-weekly payments are too good to be true, here’s some information worth consideration.

What Difference Does Bi-Weekly Make?

Making a bi-weekly mortgage payment may seem to mean that your interest will be automatically reduced, but because the lender is not necessarily receiving that payment until the end of the month, this is not necessarily the case. However, while a typical monthly payment will equate to 12 mortgage payments per year, a bi-weekly payment means 26 half payments will be made each year, which equates to 13 months of payments and an additional month. As a result, this can reduce the amount of interest paid on the principal.

Consider More On A Monthly Basis

Bi-weekly payments have the ability to shave a bit off the principal and thereby lower overall interest, but that doesn’t mean you have to switch to paying every two weeks. Instead of bi-weekly, consider dividing your monthly mortgage amount by 12 and adding that amount to your monthly payment. This will bump up your mortgage cost per month, but it will also reduce the total amount you owe. For example, if your mortgage payment is $1200 per month, divide it by 12 to get $100, and add this to your payment, bumping it up to $1300 each month.

Be Aware Of The Options That Work For You

In the event that you decide to make bi-weekly payments, be aware that there may actually be additional fees associated with this offering that will nullify your money savings. As a homeowner, it’s important to stay aware of changes on the market and new mortgage offerings that can benefit you. However, it’s also important to ensure that whatever you choose, you’re aware of the risks involved so they can make for a positive financial shift.

Making a bi-weekly payment on your mortgage may have the benefit of lowering your overall home cost, but you may be able to get this benefit from simply bumping up your monthly payment.

For more tips on reducing your mortgage debt, give me a call – J.P. Cook – 602-320-4253.

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2112 W Altimeter Way Paulden, AZ 86334

$459,900

4 Beds

2 Baths

2,280 SqFt

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MLS # 6615294

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STUNNING NEW CLAYTON HOME IN BEAUTIFUL SETTING OFF PILOT'S REST AIRSTRIP. THIS IS AN AMAZING PROPERTY WITH FOOTHILLS VIEWS OF PRESCOTT NATIONAL FOREST ***LESS THAN A MILE AWAY***. VERY SCENIC AREA. APPROX 1 MILE NORTH OF PAVED BIG CHINO ROAD. SPACIOUS OPEN FLOOR PLAN WITH HUGE ATTENTION TO ENERGY EFFICIENCY. PROPERTY WILL SELL FAST. SEE DOCUMENTS TAB.

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26442 N Feather Mountain Road Paulden, AZ 86334

$459,900

4 Beds

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2,280 SqFt

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MLS # 6615584

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STUNNING NEW CLAYTON HOME IN BEAUTIFUL SETTING OFF PILOT'S REST AIRSTRIP. THIS IS AN AMAZING PROPERTY WITH FOOTHILLS VIEWS OF PRESCOTT NATIONAL FOREST ***LESS THAN A MILE AWAY***. VERY SCENIC AREA. APPROX 1 MILE NORTH OF PAVED BIG CHINO ROAD. SPACIOUS OPEN FLOOR PLAN WITH HUGE ATTENTION TO ENERGY EFFICIENCY. PROPERTY WILL SELL FAST. SEE DOCUMENTS TAB. ADDITIONAL PHOTOS COMING SOON.

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210 S 372nd Drive Tonopah, AZ 85354

$459,900

4 Beds

2 Baths

1,935 SqFt

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MLS # 6676250

Property Type Single Family Residence

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Your Dream Spec Home Awaits! This new 4-bed, 2-bath build radiates rural charm, featuring premium finishes and an open layout. Imagine life with horses, toys, and no HOA restrictions. Move-In-Ready. Make it yours!

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5739 N Thornberry Drive Prescott Valley, AZ 86314

$459,900

3 Beds

2 Baths

1,438 SqFt

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MLS # 6679725

Property Type Single Family Residence

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Much desired Granville master planned community. Subdivision amenities: 3 pools/ clubhouses, fitness centers, library, tennis/pickle ball, dog park, and more. 10' ceilings, corner lot with private backyard. Upgraded front and rear landscaping with artificial grass. Seller design finishes when built (2017) are top notch in this upgraded home, including: *Granite counter kitchen and bathroom cabinets. *Extended length & width epoxy floored garage (20k builder upgrade) w/garage windows & multi temp LED lighting. *Vessel sinks in bathrooms. *High end front security door. *Custom window coverings, patio door sliding panels & recently painted exterior. *18'' Travertino tile & designer carpeting (bedrooms). 3rd Bedroom set up as a den/flex space, can be converted back as bedroom w/closet.

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