What are some of the pros and cons of these 3 types of payment s for a mortgage ..weekly, biweekly and monthy

Answer 1

I have never heard of a weekly mortgage payment. I cringe at the thought...Yikes!
As far as biweekly is concerned, you would be paying your mortgage every two weeks. Your monthly payment would be split in half. Here are the advantages:
1- It is usually automatically deducted from your checking or savings account so you have one less bill to write.
2- Here in NW Ohio, many of the banks offer a break on your interest rate if you choose the biweekly option.
3 - As far as basic math is concerned, you are making one extra mortgage payment per year; thus paying your loan off faster. If you pay monthly, you are making 12 payments. If you pay every two weeks you are making 13 payments. (52 weeks in a year divided by two = 26 payments. It takes two payments for each month...divide by 2 again = 13).
Here are the cons:
1- It can easily over draw your checking/ savings account if you are not careful
2 - You don't have a paper statement for your records (unless you take the time to print it out, etc.etc.)

For the monthly payments, here are the pros:
1- You have a set payment due at the first of the month. Period.
2- You only have to worry about having the funds available one time per month.

Here are some cons:
1- The faster paydown is not automatic like it is w/ the biweekly payment plan.
2- You have to worry about making one large payment instead of two smaller ones.
3 - Some people find it hard to put extra money towards their mortgages.

Answer 2

I have never heard of a weekly mortgage payment. The biweekly (meaning every two weeks in this instance and not twice per week) is supposed to allow you to make one extra payment every year thus chopping of huge sections of your mortgage interest. If you are disciplined, this would in my opinion be the best option.
The monthly mortagage is great in that it is easy to only have to remember to make ONE payment 12 times per year, thus less risks of late fees and missed payments etc