2007-08-19 05:58:48 · 10 answers · asked by evafonda 1 in Business & Finance ➔ Other - Business & Finance
You might get a little discount from the lender. But I would not commit to paying that often. If you make 2 extra payments per year, it is the same effect, without having to promise to paying on an accelerated plan.
Check out 'mortgage calculators' there are many of them out there, your numbers will tell you what to do.
2007-08-19 06:03:52 · answer #1 · answered by marie 7 · 1⤊ 0⤋
You will reduce the length of your mortgage because you will make extra payments. A 30 year mortgage will be paid off in 23 years.
2007-08-19 06:02:21 · answer #2 · answered by regerugged 7 · 1⤊ 0⤋
well if you pay a full payment twice a month you will pay if off in half the time and pay much less interest over the life of the loan and get a lower rate, which when paying a mortgage can be a huge savings!!!
2007-08-19 06:07:05 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You will pay a lot less interest over the life of the mortgage, and the principal will come down much faster.
2007-08-19 06:02:33 · answer #4 · answered by bgee2001ca 7 · 0⤊ 0⤋
Every 2 weeks that is 4 extra paychecks a year. It is 28 paychecks not 26 check it out. That is how I get paid. I will receive 3 checks in June.
2016-05-17 08:07:53 · answer #5 · answered by ? 3 · 0⤊ 0⤋
It makes an extra payment per year, it reduces your principal faster, thus saving you more on interest for the life of the loan.........We have our home loan set up that way , and it amazing at how much it has paid it down........
2007-08-19 06:03:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You pay it off earlier - if you pay once a month you make twelve payments - if you pay bi-weekly you make thirteen. Depending on your mort. contract this could potentially take off ten years of interest on the life of a thirty year.
2007-08-19 06:03:35 · answer #7 · answered by CHARITY G 7 · 0⤊ 1⤋
You would make an extra full payment a year if you made it bi-weekly.
2007-08-19 06:02:51 · answer #8 · answered by doglover 5 · 1⤊ 0⤋
a quick web search came up with lots of results but this is the best one i could find for you.
2007-08-19 07:16:56 · answer #9 · answered by Anonymous · 1⤊ 0⤋
You will pay it off a lot earlier.
2007-08-19 06:01:13 · answer #10 · answered by Always Right 7 · 0⤊ 1⤋