Yusra3
VIP Contributor
Biweekly mortgage payments can save you money on interest because they spread your payments out over a longer period of time. This means that you will accrue less interest over the life of your loan. For example, if you have a 30-year loan with a 4% interest rate, you would save almost $5,000 in interest by making biweekly payments instead of monthly payments.
You Can Pay Your Mortgage Off Faster
Another advantage of biweekly mortgage payments is that they can help you pay off your mortgage faster. By making 26 payments per year (instead of 12 monthly payments), you will reduce the overall length of your loan and save money on interest. For example, if you have a 30-year loan with a 4% interest rate, making biweekly payments would allow you to pay off your mortgage in just under 25 years saving you 5 years and almost $16,000 in interest!
You Can Reduce Your Carbon Footprint
Making biweekly mortgage payments can also help reduce your carbon footprint. Since biweekly payments require less paper and ink to process, they result in fewer resources being used meaning less pollution and waste.
You Can Pay Your Mortgage Off Faster
Another advantage of biweekly mortgage payments is that they can help you pay off your mortgage faster. By making 26 payments per year (instead of 12 monthly payments), you will reduce the overall length of your loan and save money on interest. For example, if you have a 30-year loan with a 4% interest rate, making biweekly payments would allow you to pay off your mortgage in just under 25 years saving you 5 years and almost $16,000 in interest!
You Can Reduce Your Carbon Footprint
Making biweekly mortgage payments can also help reduce your carbon footprint. Since biweekly payments require less paper and ink to process, they result in fewer resources being used meaning less pollution and waste.