Biweekly Mortgage
Mortgage payments are made every two weeks. The amount paid is half of what your monthly mortgage payment would be. On an annualized basis, there are two extra payments in a year. You will be making 26 biweekly mortgage payments instead of 24 payments.
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Save Thousands On Mortgage Interest And Pay Off Your Mortgage Quicker
A bi weekly mortgage program has you paying down your principal mortgage earlier. As a result, you’ll save significant amounts in mortgage interest and pay off your home mortgage years earlier.
Example: 30 year fixed mortgage $175,000 Interest Rate: 6.75%
By opting for a bi weekly mortgage payment plan for this mortgage, you will be saving $54,257.52 in mortgage interest. Your mortgage will be paid off 5 years 9 months earlier.
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