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Carolyn & Wayne Crowe
Maximum One Realty
3304 Mapleleaf Way
Powder Springs, Georgia, 30127
Office: 770-795-0303
Cell: 404-863-1719
Fax: 770-514-0080
cobbhomes@bellsouth.net
www.CobbHomesForSale.com
Lic. #: 203360
paying mortgage bi-weekly | Print |

What about splitting my mortgage in two and paying bi-weekly?

Some people set on paying off their home loan early and reducing interest charges opt for a biweekly mortgage. Monthly payments are divided in half, payable every two weeks.
Because there are 52 weeks in a year, the program results in 26 half-payments, or the equivalent of 13 monthly payments per year instead of 12. Using the biweekly payment system, a homeowner with a $70,000, 30-year biweekly mortgage at 10 percent interest could save $60,000 in interest and pay off the balance in less than 21 years.


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Last Updated ( Tuesday, 29 July 2008 )
 
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