Biweekly Mortgage Offer

What Advantages Does a Biweekly Mortgage Offer?

Most homeowners make their regular mortgage payments every month for the duration of the loan term, and never think of doing otherwise. But prepaying your mortgage or making biweekly payments can reduce the amount of interest you'll pay over time.

Under a biweekly mortgage, instead of making the payments once a month, you make half your normal monthly payment every two weeks. For example, if your mortgage is $1,000 per month, under a biweekly system it would be $500 every two weeks.

If you maintain the biweekly payment schedule you'll make an extra month's payment over the course of each year (26 payments per year, which is the equivalent of 13 full monthly payments rather than 12). You'll also pay less interest because your payments are applied to your principal balance more frequently.

The effect of biweekly mortgage payments can be dramatic. For example, if you currently have a $150,000 loan at 8 % fixed interest, you will have paid approximately $396,233 at the end of 30 years. However, if you use a biweekly payment system, you would pay $331,859 and have it completely paid off in 21.6 years. You would save $64,374 and pay the loan off 8.4 years earlier!

 

The information in this newsletter is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2018 Broadridge Investor Communication Solutions, Inc.

 

SilverTree Special Needs Planning
Scottsdale, AZ
20865 North 90th Place, Suite 110
Scottsdale, AZ 85255
Phone: 1.866.949.6202

Studio City, CA
12522 Moorpark St. Suite 110
Studio City, CA 91604
T: 1.866.949.6202

Thousand Oaks, CA
1337 E Thousand Oaks Blvd, Suite 202
Thousand Oaks, CA 91362
T: 1.866.949.6202

San Diego, CA
701 Palomar Airport Road, Suite 300
Carlsbad CA, 92011
T: 1.866.949.6202

Las Vegas, NV
1980 Festival Plaza Drive, Suite 300
Las Vegas, NV 89135
T: 1.866.949.6202

Phone: 1.866.949.6202

Investment adviser representative and registered representative of, and securities and investment advisory services offered through Voya Financial Advisors, Inc. (member SIPC)

Federal and state insurance and securities rules and regulations prohibit registered representative(s) and/or investment adviser representative(s) from soliciting, offering and selling any insurance or securities products or providing investment advice until they are properly registered and licensed in each state jurisdiction.

The registered representative(s) and/or investment adviser representative(s) listed on this website are licensed and registered in the following states:

We are licensed to sell Insurance Products in AZ,CA,IL,WA.

We are registered to sell Securities in AZ,CA,CO,IL,IN,KS,MN,NV,OH,OR,TX,UT,WA,WI.

SilverTree Special Needs Planning is not a subsidiary of nor controlled by Voya Financial Advisors, Inc.

This web site may contain concepts that have legal, accounting and tax implications. It is not intended to provide legal, accounting or tax advice. 

[ Online Privacy Policy | Privacy Promise ]