How do I make a bi-weekly mortgage payment if my lender won't bill me that way?

This topic comes up frequently. Most lenders will not set up a biweekly mortgage payment

Making a biweekly mortgage payment is incredibly beneficial when considering the longer term interest costs over the life of a loan. It’s not uncommon to be able to shave many years off the payoff time by simply making a biweekly mortgage payment. However as cumbersome as it may be with your servicier, to try to set up that type of payment arrangement- there is an easier way.

 Make the 13th mortgage payment per year

Simple enough right? Simply doubling up a payment one month during each fiscal year, effectively that will have the affect on your interest savings and principal balance pay-down as making a biweekly mortgage payment every two weeks.

Here’s another way…

Make a 13th payment

For example let’s say your mortgage payment is $2500 per month,  that’s $30,000 in mortgage payments you make annually.

$2500 ÷ 12=$208.33 per month. If you were to make a payment at $2708.33 per month, that is effectively the same thing as a biweekly mortgage payment or 13th payment each year.

Looking to save money on a new mortgage? Start today by getting a complementary rate quote for your situation. We can even run scenarios for you showing you what the net tangible benefit savings could do by prepaying your mortgage over time.

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