You can pay off your mortgage years earlier and owe less interest by dividing your monthly mortgage payments in half, and paying that amount every other week. By converting to bi-weekly payments, you essentially pay one extra payment toward your principal each year. Use our calculator to see the difference between bi-weekly and monthly payments.
These calculations are tools for learning more about the mortgage process and do not constitute an offer or approval of credit.
Making bi-weekly payments rather than monthly payments allows you to pay one extra monthly payment () toward the principal each year. in interest, and will reduce the term of your loan from 30 years to XX.X years.
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Your estimated total interest savings is
Pay off your home earlier with bi-weekly payments.