Friday, December 9, 2011 / by Rachel Green
Did you know that by making one simple adjustment to your monthly mortgage payment, you can save years of mortgage payments?
Instead of making one monthly payment to your mortgage, you can divide that same payment into two payments (bi-weekly) or divide it into four payments (weekly). This works out to be an extra payment every year and thousands saved on interest.
A homeowner with a $200K mortgage, who chooses bi-weekly or weekly payments instead of monthly payments, will reduce a 30 year term by 5 years and save $28K on average.*
Call your mortgage servicer today to set up a new payment schedule and save thousands on your mortgage. Find out how much you can save by with the bi-weekly mortage calculator.
*Savings are an average and will vary based on loan amount, loan term, interest rate, and more.