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Bi-weekly Mortgage Option

How it works – Bi –Weekly Payment Example

(3) Bi-weekly Example - $200,000, 30 years at 7% interest –

Great program that either you manage yourself for over 23 years or pay a service company a fee for a couple decades to save you money. To visually see the savings achieved through a bi-weekly program, insert the above information along with the current month in the form below for this illustration. There are many bi-weekly programs out there that can be used to achieve good results. Many companies either charge an additional service fee each month or a restart fee if you miss a month of payments. Another draw back is that these programs are designed to pay down the mortgage every 14 days despite your payment schedule. If you can affectively manage the program for over 22 years you can save nearly $70,000 dollars.