Contact Information
Mel Byrd Copper Rose Realty 6601 E. 22nd Street Tucson, AZ, 85710
Office: 520-250-7437 Cell: 520-250-7437
Buyer Resources
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bi-weekly mortgages |
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What about splitting my mortgage in two and paying bi-weekly?
Some people set on paying off their home loan early and reducing interest charges opt for a biweekly mortgage. Monthly payments are divided in half, payable every two weeks.
Because there are 52 weeks in a year, the program results in 26 half-payments, or the equivalent of 13 monthly payments per year instead of 12. Using the biweekly payment system, a homeowner with a $70,000, 30-year biweekly mortgage at 10 percent interest could save $60,000 in interest and pay off the balance in less than 21 years.
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Last Updated ( Wednesday, 30 July 2008 )
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Market Info
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Real Estate Market
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Super Luxury Homes
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