Making Bi Weekly Mortgage Payments is Easier than Monthly Payments

Making Bi Weekly Mortgage Payments is Easier than Monthly Payments

Your mortgage payment is probably the biggest bill you have each month, and you probably have used many strategies to save up enough money during the month to make your payments. The truth is, though, that there’s an easier way to manage your personal finances and make sure you’re paying your mortgage on time. You can make bi weekly mortgage payments to simplify your finances and save money!

What are Bi Weekly Mortgage Payments? Bi weekly means every two weeks, so logically, that makes bi weekly mortgage payments ones that you make every two weeks. Rather than paying the full amount, you just pay half of your usual payment, though. Because of this, you end up making the equivalent of a full payment every four weeks so you meet your lender’s requirement of making a payment each month.

ď śMany lenders won’t accept a check for just half of a payment every two weeks, which is why we are here to help manage the process and make sure your lender gets paid every month.

Comparing Biweekly vs Monthly Payments There are two main differences of biweekly vs monthly payments. First, biweekly payments are half the amount, which makes them a lot easier to budget for. You don’t have to be saving up money all month to be able to afford a huge payment, but you can just make two smaller payments instead.

ď śSecond, you end up paying slightly more each year with bi weekly mortgage payments than you do with monthly payments. This is because there are 52 weeks, which means 26 half payments.

This is equivalent to 13 full payments, not the 12 required. ď śWhen deciding on biweekly vs monthly payments, this accelerated mortgage payoff is one of the major factors that affects the decision.

ď śChances are, you get paid every two weeks. Paying your mortgage every two weeks as well makes a lot of sense because it matches up with your payday schedule. The benefits of bi weekly mortgage payments go beyond logistical ones, though.They can also help you save a ton of money in the long run through accelerated mortgage payoff.

You’re making extra payments on your mortgage, which go straight toward reducing what you owe.

ď śThis also lowers your interest payments in the future and moves your payoff date closer. Most people find that they save thousands of dollars on their mortgage.

Check out our biweekly mortgage calculator to learn how much you can save.

If the accelerated mortgage payoff appeals to you, sign up for bi weekly mortgage payments to simplify your finances and save money! Find the best biweekly loan calculator here: http://halfapayment.com/