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109 Greystone Drive Franklin TN 37069
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4862 Bethesda Duplex Road College Grove, TN 37046

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Brandon Patrick
Reliant Realty
256 Seaboard Lane E105
Franklin, TN, 37067
Office: 615-724-7071
Cell: 615-578-7507
Lic. #: 257858
benefits of paying mortgage bi-weekly | Print |

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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