FAQs

What about splitting my Mortgage in Half and Paying Bi-Weekly?

Home > Mortgage Center > FAQ > Buy B4 Selling? > What about splitting my Mortgage in Half and Paying Bi-Weekly?

what about splitting my mortgage in half and paying bi-weekly?

 

Some people who want to pay off their home loan early and reduce the amount of interest they pay opt for a bi-weekly mortgage. In this scenario, monthly payments are divided in two and paid every two weeks. Using the bi-weekly payment system, a homeowner with a $70,000, 30-year bi-weekly mortgage at 10 percent interest could save $60,000 in interest and pay off the balance in less than 21 years.