 |
|
|
|
Yes!
Making bi-weekly mortgage payments can be one of the easiest ways to pay down your mortgage faster. Depending on the size of your mortgage, you can usually reduce a 25 year amortization by 4 - 5 years. 4 - 5 years equals huge savings in interest costs.
Another benefit is that you can have your mortgage payments coincide with your bi-weekly payroll deposit and then you never have to worry about being short on that mortgage payment.
Here's an example,
0,000 mortgage @5.25% with a 25 year amortization.
Monthly payments ,490 per month for 25 years
But if you make bi-weekly payments of 0 your mortgage will be paid in 21 (short) years.
I feel this is one of the best stategies to knock a few years off your mortgage without changing your current lifestyle. |
|
|
