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Palm Beach, Jupiter areas 
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Mary Hester
Boca Executive Realty, LLC - Juno Beach
Office: 561-632-7373
Fax: 866-677-5844
bi-weekly mortgages PDF E-mail

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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