Hey everyone, I’m thinking about switching to biweekly mortgage payments instead of monthly ones. I’ve heard it can help cut down on the total interest paid over the life of the loan. Is this true? Has anyone here tried this method?
I’m curious about how much money it could potentially save me in the long run. Also, are there any downsides or things I should watch out for if I decide to go this route? I’d really appreciate any insights or personal experiences you can share.
Thanks in advance for your help! It’s a big decision, and I want to make sure I understand all the pros and cons before making a change to my payment schedule.
Have you considered the impact on your cash flow? Biweekly payments might tie up more money short-term. What’s your financial cushion like? It’s great for reducing interest, but flexibility matters too. Maybe start with a trial run to see how it feels?
I’ve been doing biweekly mortgage payments for a few years now, and it’s definitely made a difference. The main benefit is you end up making an extra payment each year, which does reduce the overall interest paid. It’s not a huge amount, but it adds up over time.
One thing to consider is that not all lenders are set up for this payment schedule. Some might charge fees or not apply the extra payments correctly. Make sure your lender can accommodate biweekly payments without extra costs.
Also, if you’re disciplined, you could achieve the same result by making one extra payment a year on your own. The biweekly schedule just automates it for you. Ultimately, it’s a solid strategy if it fits your budget and financial goals.
yeah, biweekly payments can help. i tried it and it shaved off a few years from my mortgage. just make sure ur lender allows it without extra fees. also, consider if u can handle the more frequent payments. it’s not for everyone, but worked gr8 for me.