How much money do bi-weekly mortgages save?
With a bi-weekly mortgage, you make half monthly payments every two weeks (26 – half payments per year). This more rapid repayment of your mortgage, combined with the extra 13th monthly payment each year, can really pay off. Depending on the interest rate environment, a 30-year mortgage will pay off 5 to 8 years early, saving thousands of dollars over the life of your loan. Consult with a Mortgage Specialist for more information.
