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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701 S Nassau Drive
Gilbert, AZ 85233
$465,000
2
Beds
2.5
Baths
1,359
SqFt
Status
Active
MLS #
6626228
Property Type
Townhouse
Price Type
--
Discover your new home sweet home in the coveted Lakes community of The Islands in Gilbert! This charming townhome offers a cozy yet elegant lifestyle with 2 bedrooms, 2.5 well-appointed baths, and thoughtful touches throughout. As you enter, you're greeted by a warm and inviting kitchen, featuring modern stainless steel appliances, plenty of storage, and countertops that make meal prep a breeze. The kitchen opens up to a welcoming living area, perfect for relaxing and entertaining. Natural light floods your home keeping every room feel light, bright and open! Upstairs, you'll find a handy loft space that's ideal for a home office or a comfy reading nook. The bedrooms are comfortably sized, and the bathrooms, including the master en suite, are beautifully finished, providing a spa-like experience every day. But the luxury doesn't stop inside. Step out onto your patio and indulge in your private spaa little slice of heaven where you can soak away the stresses of the day. Enjoy relaxing with your family or whip up a delicious meal on your built-in BBQ! Living in The Islands also means enjoying great community features. Spend sunny Arizona days lounging by the community pool or take a peaceful walk around the neighborhood lake. It's all here, adding to the vacation vibe this area is known for. Your new home is more than just a place to liveit's a part of a community where life is a bit sweeter and the conveniences of shopping, dining, and entertainment are just moments away.Ready to start living your best life in Gilbert? Come see why this townhome is the perfect place for you and your family! Don't wait, this home won't last long!
1818 W Vista Avenue
Phoenix, AZ 85021
$465,000
3
Beds
2
Baths
2,350
SqFt
Status
Active
MLS #
6631863
Property Type
Single Family Residence
Price Type
--
Remodeled and spacious, step into a home that seamlessly blends modern aesthetics with timeless charm. The interior is bright and welcoming, offering an abundance of natural light throughout. Perfect for those seeking a comfortable living space, the home boasts 3 well-appointed bedrooms and 2 remodeled bathrooms in the popular black and white color palette with a walk-in shower in the primary bathroom. The Arizona Room, with an attached laundry area, adds a touch of versatility to the property. Additionally, there are 2 extra flex rooms equipped with split AC/heating, totaling an additional 338 sq.ft.,that present endless possibilities - a home office, workshop, or even an extra bedroom! The heart of this home, the kitchen, is a chef's dream. Ample storage space, beautiful cabinetry, a wall mounted oven and granite countertops make this space as practical as it is aesthetically pleasing. Enjoy a grandfathered in $57 monthly solar lease, which could allow you to have as little as $200 electric bills in the hottest months of the year. This gem sits on an irrigated lot, ensuring a lush easy-to-maintain yard and cost-efficient maintenance with no HOA! Benefit from the peaceful setting as 19th Avenue is not accessible from Vista Ave and the street closure ensures minimal traffic.
18300 N Shimmer Lane
Surprise, AZ 85374
$465,000
2
Beds
2
Baths
1,627
SqFt
Status
Active
MLS #
6654095
Property Type
Single Family Residence
Price Type
--
Desired Madera model with great room floor plan, and heated salt water pool! Lush landscaping backyard provide plenty of privacy when frolicking in the salt water pool. Home has been professionally modified to a large open great room, ideal for a larger table and game area. Inside features plantation shutters throughout, GE profile kitchen appliances, additional kitchen cabinets with built-in desk, a bay window in the primary bedroom, two sinks in primary bath, and inside laundry with utility sink. Garage has built-in and workbench. The pebble-tec pool pool with its attractive water feature is heated and self-cleaning. Your tropical backyard has an extended covered patio with pull-down shades and strategically planted foliage that provide privacy.
3789 E Yorkshire Circle
San Tan Valley, AZ 85140
$465,000
4
Beds
2
Baths
2,134
SqFt
Status
Active
MLS #
6658819
Property Type
Single Family Residence
Price Type
--
PRICE ADJUSTMENT -This delightful property is nestled on a premium corner lot! Immaculate interior boasts vaulted ceilings, tons of tile flooring, fresh/new carpet in all the right places, graceful archways, & a spacious living/dining room w/French doors to the custom AZ room. The kitchen was update w/newer appliances, recessed lighting, granite counters, & ample white cabinetry w/crown molding. Super island w/a breakfast bar & a breakfast nook is ideal for casual dining. The generously sized AZ Room is bathed in sunlight with ceiling fans, excellent for year-round entertainment. Retreat to the main suite, w/ AZ room access, a full ensuite w/dual sinks, & a walk-in closet. Delightful backyard has artificial turf landscape & looks like a beautiful park!
3841 Turkey Trail
Lakeside, AZ 85929
$465,000
4
Beds
2.5
Baths
2,072
SqFt
Status
Active
MLS #
6659919
Property Type
Manufactured Home
Price Type
--
Welcome to this stunning 4-bedroom, 2.5 bathroom home that seamlessly blends comfort, style, and functionality. With an open concept lies a kitchen, which boasts recent upgrades, providing both modern aesthetics and practicality. Stainless steel appliances, sleek countertops, and ample cabinet space make this kitchen a haven for both aspiring chefs and busy families. The home features a thoughtful layout, with a spacious living room perfect for hosting gatherings and a separate family room that provides a more intimate space for relaxation. The family room opens up possibilities for cozy movie nights or quiet evenings with loved ones. Newly installed heating and cooling systems ensure year-round comfort, allowing you to enjoy every season without compromise. The large windows throughout the home allow natural light to flood in, creating a bright and airy ambiance. Outside, the expansive fenced backyard offers a private retreat. With an RV gate and hook-ups, it's a dream for adventure enthusiasts looking to hit the open road. For those with a penchant for hobbies or extra storage space, the property comes complete with a spacious 3-car garage and 2 additional outbuildings. Whether you're a car enthusiast, DIY enthusiast, or simply need extra space, these structures provide endless possibilities.
43317 W Wallner Drive
Maricopa, AZ 85138
$465,000
5
Beds
3
Baths
3,401
SqFt
Status
Active
MLS #
6663086
Property Type
Single Family Residence
Price Type
--
Your dream home is finally here! You'll LOVE to own this one-of-a-kind two-story residence in Rancho El Dorado! Starting with a 3-car garage, low-care front yard, and stone accents. Be delighted by an inviting interior showcasing a combined living/dining room and a formal family room paired with tile flooring in all the right places. The impeccable kitchen is equipped with recessed lighting, stainless steel appliances, quartz counters, mosaic backsplash, white cabinetry, a peninsula with a breakfast bar, and a breakfast nook. Head upstairs, to discover the HUGE loft offering endless possibilities! The bright main bedroom boasts plush carpet and an ensuite with dual sinks. The expansive backyard provides a covered patio and pavers. A rare find like this will surely impress you!
2613 N 110th Drive
Avondale, AZ 85392
$465,000
3
Beds
2
Baths
1,957
SqFt
Status
Active
MLS #
6662708
Property Type
Single Family Residence
Price Type
--
Quiet cul-de-sac single story home with Lake Views from your backyard. Located near the 10 and 101 freeways, shopping, dining and entertainment. This home boast an open floor plan, formal living and dining, large den that can be used as a 4th bedroom. Granite counter tops throughout the home. Open Kitchen marble backsplash with stainless steel appliances. Ceiling fans, tile and only carpet in the bedrooms. Enjoy your ramada and patio in the backyard for entertaining. Separate entrance to the patio from the master suite. Newer AC, water heater.
17384 W Gould Mine Lane
Surprise, AZ 85387
$465,000
2
Beds
2
Baths
1,706
SqFt
Status
Active
MLS #
6666810
Property Type
Single Family Residence
Price Type
--
Your Own Serene Oasis Awaits in The Grand - Corner Lot Escape with Tranquil Extended Patio! This beautiful 2 bed plus a den, 2 bath home offers the perfect blend of comfort & tranquility. Nestled on a spacious (11,000 sq ft!) corner lot, it provides a private sanctuary ideal for those seeking peace & quiet. Step outside and immerse yourself in the professionally landscaped yard, featuring citrus trees & minimal maintenance for your enjoyment. Inside, newer windows bathe the living spaces in natural light, the eat-in kitchen boasts newer SS appliances. The north-south exposure ensures a comfortable year-round temperature. The den offers perfect solution for work or hobbies. 2-car garage, complete with shelves for added organization. Upon mutual accepted offer, furniture negotiable.
17744 W Buckhorn Trail
Surprise, AZ 85387
$465,000
4
Beds
2
Baths
2,044
SqFt
Status
Active
MLS #
6667478
Property Type
Single Family Residence
Price Type
--
Newly sold-out Desert Oasis in Surprise community has a new resale to the market. This beautiful 2,040 sq ft, 4 bed, 2 bath home was built in 2022. This home boasts attractive tile and upgraded carpet throughout; split floorplan; elegant owner's suite has extra windows, double sinks w/quartz countertops, large shower, private toilet room, and an oversized walk-in closet; an spacious open dining room, a large great room w/additional windows; well-appointed kitchen featuring 42'' upper cabinets, quartz countertops, an oversized island, walk-in pantry, & upgraded stainless-steel appliances, including gas range & double oven; central indoor laundry room; and three additional bedrooms & bathroom providing ample space for rest and relaxation. Additional highlights include a stacked stone home front, professionally landscaped front yard, designer brick paver driveway & walkway w/a charming, covered entry; 2-car garage w/extended length for extra storage space, a service door, and 8' tall garage doors; rear yard oasis w/a good sizes covered patio, picturesque trees, shrubs, flowers, and artificial turf.
4854 W Turquoise Avenue
Glendale, AZ 85302
$465,000
4
Beds
2
Baths
2,371
SqFt
Status
Active
MLS #
6680575
Property Type
Single Family Residence
Price Type
--
Whatta beauty! New paint, new quartz counter tops, new flooring, new bathroom vanity quartz! Your new spacious 4 bedroom home has a pool situated perfectly in a low-maintenance backyard oasis!
17903 W San Alejandro Drive
Goodyear, AZ 85338
$465,000
3
Beds
2
Baths
1,735
SqFt
Status
Active
MLS #
6671804
Property Type
Single Family Residence
Price Type
--
BRAND NEW ROOF. Estrella Mountain Ranch stunner. Enter into the open concept living area with vaulted ceilings and large windows providing lots of natural light and views of the pool. The kitchen is bright and equipped with stainless steel appliances, granite countertops, ample cabinet space and a breakfast bar for casual dining. The spacious primary bedroom features vaulted ceilings and has a full ensuite: double sinks, shower, walk-in closet and an exit to the backyard pool. 2 additional bedrooms. The Pebbletech pool has a variable speed pump. New roof underlayment and new water heater. This area is a little bit of heaven with mountains, hiking trails, lakes, golf courses, PICKLEBALL, tennis and beautiful clubhouses. The area has lots of amenities to keep you close to home.
3935 E Rough Rider Road
Phoenix, AZ 85050
$465,000
2
Beds
2
Baths
1,386
SqFt
Status
Active
MLS #
6669384
Property Type
Townhouse
Price Type
--
Villages at Aviano is like living in a resort year round. Perfect lock & leave lifestyle. Extremely well cared for SINGLE LEVEL Amici model. No stairs, 2 bedroom/2 bathroom with 2car tandem garage. ORIGINAL owner who has occupied a fraction of the time as it has served as a second home. NEVER used as a rental! Finishes include new LV flooring (2022) and tile in all major spaces and walkways with carpet in the two bedrooms. Granite counters in the kitchen and primary bathroom, stainless appliances, solid wood doors, arched entryways, full laundry w/newer units (2022), newer HVAC (2022) new W/H (2024) split floor plan, and wired for surround sound. Minutes from the Desert Ridge Marketplace, Mayo Clinic, Wildfire Golf Club, Top Restaurants and High Street, and easy access to the 51 &101
