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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13119 W Avenida Del Rey --
Peoria, AZ 85383
$499,000
4
Beds
2.5
Baths
2,257
SqFt
Status
Active
MLS #
6653977
Property Type
Single Family Residence
Price Type
--
Great short sale opertunity. This fantastic 4 bed, 2.5 bath residence now for sale in Peoria is the one for you! Featuring a stunning façade w/stone accents, easy-care landscape, and a 3 car tandem garage! Inside you will find a spacious open floor plan w/elegant wood-look flooring, tasteful wall accents, and designer palette throughout. The kitchen is comprised of ample cabinet & counter space w/built-in appliances, a walk-in pantry, recessed lighting, stylish backsplash, and an island complete w/a breakfast bar. Enjoy a good night's sleep in the primary bedroom, a private ensuite w/dual sinks, and 2 walk-in closets . Don't forget about the cozy open den, perfect for an office. Finally, the lovely backyard includes a covered patio, paver seating area w/a lovely pergola, and artificial
2323 N Central Avenue
Phoenix, AZ 85004
$499,000
2
Beds
2
Baths
1,398
SqFt
Status
Active
MLS #
6665758
Property Type
Apartment
Price Type
--
Experience elevated urban living in this 2 bed, 2 bath condo on the 19th floor of Regency on Central, a historic mid-century luxury high-rise located steps from the light rail, dining, retail, and entertainment in the heart of vibrant Phoenix. Freshly painted interiors with stained wood trim and plush new carpets in bedrooms create a serene retreat. Enjoy a modern kitchen with granite counters and stainless steel appliances. Revel in the breathtaking skyline views from your private balcony. Building amenities include a heated pool, spa, fitness center, 24/7 door personnel, and more.
6830 W Morning Vista Drive
Peoria, AZ 85383
$499,000
3
Beds
2
Baths
1,902
SqFt
Status
Active
MLS #
6658799
Property Type
Single Family Residence
Price Type
--
This stylish home features 3 beds +office that can be a 4th bedroom, 2 baths. Kitchen upgraded granite countertops, stainless steel appliances, 42'' staggered cabinets with crown molding. Entry design on floor. Custom Plantation shutters throughout, gas fireplace. Custom built-ins in office/den. pebble-Tec pool with Baja step and water features. Come and relax!
4686 E Mia Court
Gilbert, AZ 85298
$499,000
2
Beds
2
Baths
1,537
SqFt
Status
Active
MLS #
6664275
Property Type
Single Family Residence
Price Type
--
FANTASTIC POOL!! This home sits on a choice corner N/S lot in a cul-de-sac. The model is an Azalea. Very Popular. This is a very active 55+ community of Trilogy At Power Ranch. Gorgeous clubhouse, fitness center, lap and play pools. Tennis, pickleball, Bocce, public golf course with restaurant. Very nice, mature, desert landscaping, fruit trees and relaxing pool features. 2 bed/2bath. Large primary bedroom. THIS HOME IS A MUST SEE!!!
15286 W Linden Street
Goodyear, AZ 85338
$499,000
3
Beds
2.5
Baths
1,808
SqFt
Status
Active
MLS #
6664266
Property Type
Single Family Residence
Price Type
--
Welcome to this gorgeous single level home in Estrella Commons! This former model home is the desirable Fairwinds layout with 3 bedrooms, 2.5 bathrooms, and a open great room. The kitchen is gorgeous with granite countertops, tile backsplash, stainless steel appliances, walk-in pantry, and a kitchen island with a breakfast bar and pendant lights. The spacious great room has a center open extended glass door opening up to a oversized paved covered patio. The generously sized primary suite features a ceiling fan and a ensuite bathroom boasting a dual sink vanity, a seperate shower and tub, and a walk-in closet. Bedrooms 2 and 3 are move-in ready! The laundry room has a sink and upper and lower cabinets for additional storage. The backyard is easy care with artificial turf and a built-in BBQ. Do not miss out on this home! Estrella commons is a amenity rich community with walking paths, parks, and sport courts. Plus close to the freeway for quick access more options for dining,shopping, and entertainment!
5809 E Killen Loop
Prescott Valley, AZ 86314
$499,000
4
Beds
2
Baths
1,644
SqFt
Status
Active
MLS #
6672119
Property Type
Single Family Residence
Price Type
--
Motivated Sellers! 2020 modern build on a premier corner lot with backyard mountain views and OWNED SOLAR! With 1,634 square feet, this 4 bedroom/ 2 bath home offers ample room for everyone with a true split master. 12-foot wide sliding glass door in the great room floods the space with natural light creating a warm and inviting atmosphere. With blue & gray shaker cabinets, ivory white countertops, and natural driftwood tile, this home exudes contemporary elegance. Backyard complete with extended patio & gas fireplace with privacy & mountain views for true relaxation.
19665 E Carriage Way
Queen Creek, AZ 85142
$499,000
4
Beds
2
Baths
1,987
SqFt
Status
Active
MLS #
6674106
Property Type
Single Family Residence
Price Type
--
Welcome to this Beautiful Single story home. Newly remodeled with a Brand New AC just installed with a 10 years warranty to the new owner. A perfect blend of style and functionality. Fresh interior paint, new faucets and quartz counter tops and modern hardware. Ceiling fan on all rooms. 4 bedrooms with an enclosed office w/ double doors. Great for remote office w/ privacy. Hard flooring all through out. Great location with parks and walkways. 1 mile East of Gilbert. Great community. Seller to contribute 1% through buyers closing cost.
354 W Coolidge Avenue
Coolidge, AZ 85128
$499,000
4
Beds
2
Baths
1,751
SqFt
Status
Active
MLS #
6675103
Property Type
Single Family Residence
Price Type
--
NEW- HUGE PRICE REDUCED!!! This retail storefront is Zoned Mixed Commercial Use and is NOT zoned for residential only! The property was most recently used as a group home. Whether you are going to run a business and occupy a portion of the buillding or set up an office this is an amazing Store front location. This retail storefront was recently and thoughtfully updated in 2023/2024. Updates include New premium Vinyl flooring with 5'' baseboards, kitchen cabinets, granite countertops, sleek stainless hood vent, stainless sink in kitchen with upgraded faucet, new waterheater and closet, bathroom vanities toilets and exhaust fans, new interior/exterior led lighting, new paint interior/exterior, wall panels, 25' rear entry gate floor paint on back patio.
6616 S Par Court
Gold Canyon, AZ 85118
$499,000
2
Beds
2
Baths
1,698
SqFt
Status
Active
MLS #
6675209
Property Type
Single Family Residence
Price Type
--
With golf course, sunset, and Superstition mountain views this beautifully updated and expanded Ocotillo model in the Mountainbrook Village community of Gold Canyon is ready for its next owner. The interior of this 2 bedroom/2 bathroom home with office/den features a gorgeous kitchen with newer shaker cabinetry, granite countertops, open living concept, stylish touches throughout and more. Updated and efficient windows, new water heater, and a newer roof are just some of the updates making this home truly turnkey as a lock and leave or full-time residence. Gold Canyon features fantastic amenities, including community pool, pickleball, several great nearby golf courses, hiking, biking, and much more making this 55+ community idyllic. Come meet your new neighbors today!
4431 E Alta Mesa Avenue
Phoenix, AZ 85044
$499,000
4
Beds
2
Baths
2,089
SqFt
Status
Active
MLS #
6676013
Property Type
Single Family Residence
Price Type
--
This 4-bed 2 bath nestled amidst a quiet neighborhood has great mountain views. Located in desirable school district, has a roomy interior, large front and backyard, and prime location. Freshly painted Exterior and Interior. Great bones, block construction. Sliding door opens to a large private covered patio with mountain views. . The property is quaint and a must-see; perfect for a family who can make this property their home. Priced right and NO HOA. **Sold as is**.
11241 E Sylvan Avenue
Mesa, AZ 85212
$499,000
3
Beds
2
Baths
2,234
SqFt
Status
Active
MLS #
6681982
Property Type
Single Family Residence
Price Type
--
Welcome to your charming oasis in Gila River Ranches! This home has 3 bedrooms PLUS an enclosed den that is being used as a bedroom. Nestled in a peaceful neighborhood, this beautiful single family home offers the perfect blend of comfort and convenience. Step inside to discover a bright and airy living space, creating a warm and inviting atmosphere. The kitchen boasts modern appliances, ample cabinet space, and a convenient breakfast bar. Whip up your favorite dishes while staying connected with family and guests in the adjacent dining area. Outside, a private backyard awaits, offering endless possibilities for outdoor enjoyment. From hosting summer barbecues to cultivating a garden oasis, this outdoor space is yours to personalize and enjoy year-round
2201 W Valhalla Court
Anthem, AZ 85086
$499,000
3
Beds
2
Baths
1,616
SqFt
Status
Active
MLS #
6686568
Property Type
Single Family Residence
Price Type
--
Welcome to your desert oasis in the gated community of Anthem Country Club! This charming 3-bedroom, 2-bath home features beautiful desert landscaping enhancing the curb appeal, setting the tone for the tranquility within. At the front, a patio invites you to enjoy your morning coffee, to relax and soak in the warm Arizona sun. Inside, the great room greets you with its spaciousness, complemented by a formal dining area and a kitchen that overlooks the living space, creating an ideal setup for gatherings and entertaining. The kitchen features ample cabinet space and a convenient pantry, providing plenty of room for all your culinary essentials. The primary bedroom is generously sized and grants direct access to the backyard retreat. Its ensuite bathroom features a dual sink vanity, a separate tub and shower, and a spacious closet space. Outside, discover a backyard sanctuary complete with a covered patio with ceiling fans, perfect to help stay cool on the warm sunny days, a built-in BBQ for grilling. Unwind in the spa, surrounded by serene natural beauty. As part of the Anthem Social Membership, residents gain access to a variety of Club facilities and amenities, including tennis courts, pickleball courts, a fitness center, a resort-style pool, and more! Don't miss out on the opportunity to experience Arizona living at its finest in this captivating Anthem home.
