With a Bi-Weekly mortgage plan, you make payments to your lender every two weeks instead of once a month (with each payment representing half of your monthly payment). This simple change can help reduce your mortgage term by adding adding the equivalent of one additional monthly payment per year and decrease the amount of interest paid by reducing your loan's outstanding balance earlier.
It is important to note that this will increase your number of payments from 24 per year to 26 per year, so you would need to plan accordingly. Use our calculator below to see how much you could save and help determine if a Bi-Weekly mortgage plan is right for your budget.
Calculations provided by Fintactix.
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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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