Biweekly Mortgage Payments vs. Monthly: Which Gets You Mortgage Free Faster?
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Published 2021-10-06
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How We Paid Off Our Mortgage in Less Than 5 Years: marriagekidsandmoney.com/podcast/15-year-mortgage-…
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CHAPTERS
0:00 Intro
1:02 Anatomy of a Mortgage Payment
1:55 How an Amortization Schedule Can Help You Understand More About Payments
4:00 Biweekly Payments vs. Monthly Payments
7:00 Considerations to Make Before Switching to Biweekly Payments
#BiweeklyMortgagePayments #BiweeklyvsMonthly #MortgageFree #PaidOffHouse #DebtFreeCommunity #PersonalFinance
OTHER VIDEOS TO WATCH
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How We Paid Off Our Mortgage in 5 Years: • How We Paid Off Our Mortgage in 5 Years
Life After the Mortgage is Paid Off: • Life After the Mortgage is Paid Off
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All Comments (21)
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What do you think of biweekly mortgage payments?
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I pay bimonthly but don't be fooled. The bank takes your money but does not apply the partial payment until the second payment is made. Not sure how banks get away with this but if the partial payments were applied the day they were withdrawn from your account , you'd pay even less interest. Banks are no different than organized crime
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I use a strategy called give all my money to the bank instead of going on vacation 😂. I’ve paid off 9% of my 30 year mortgage this year alone and it’s only July.
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I do biweekly payments plus $150 extra per payment. It’s great for budgeting as well as knocking down the interest. Thanks for the video!!!
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by paying by-weekly, you are just making an extra monthly payment per year. This will shave years of your loan, but you can pay monthly and also make an extra payment per year to achieve basically the same result.
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Best video I have seen explaining this mortgage payment method! Thank you so much! 🙏🏼👍🏼😃
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Sounds good! Thanks for explaining that so simply! 😊
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Thanks, you made this very easy to understand.
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Cool info. Thanks!
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So I just started paying ahead of time each month plus a little extra and they keep sending me a new statement quicker and quicker which this next one today will be two months ahead. I’m figuring every time I make them recalculate the interest it’s now on a lower amount each time so paying it earlier(if you have it) has to help in the long run. Credit score wise paying early helps too.
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I liked the graphs and charts
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Thanks!!
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i have Pennymac and they said if i do bi-weekly payment i can't add extra to principal payment but with monthly i can, do you know why i can't add extra principal payment on biweekly? and if so which is better? i plan on adding extra principal whenever i want so which you recommended ?
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Great idea, biweekly, increased payment and lumpsum.
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Great Info got me seriously thinking of going bi weekly
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time to do some research. thanks
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nice!
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Bro what's even better is pay your regular payment every month take that so called extra month payment divide it by 12 and just pay that directly to your principal that's faster than what he is saying 😮
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Correct me if I'm wrong, but isn't there more to gain by paying bi-weekly than what the video alludes to? Specifically, if I pay 1/2 my mortgage payment 2 weeks before it's due, the compounded amount is lower for the 2 weeks that follow than it would be otherwise.
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now do a video on how to scrouge 3000 extra a month when your net monthly income is 3000 thanks
