How to Pay Off Your Mortgage Faster & with Big Savings by Peter Kenny

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How to Pay Off Your Mortgage Faster & with Big Savings
Mon 10/29/07 10:31:51 am
by Peter Kenny

If you are trying to find ways to pay off your mortgage loan more quickly, then one possible solution is to use the bi-weekly payment method. Instead of paying off your mortgage loan payment every month, you pay half the monthly amount every two weeks. This can help you to drastically reduce the length of your loan, and thereby save you a lot of money. If you are new to bi-weekly loans, then here are some tips to get you started.

Paying off every two weeks

Many people forget the fact that there are 4.3 weeks in a month, and so by paying off half your monthly amount every two weeks you will save money. It means that over the space of one year you will make the entire year's payments a month earlier. So, every year you will pay off an entire month's payment from the principal loan amount. Although this may not seem a lot, it will in fact reduce your loan term significantly and could save you thousands of pounds.

Bi-weekly companies

Some companies specialise in offering bi-weekly loans, on the basis that it will save you a lot of money. In return, you pay them a minimal service charge each month for the privilege. Although this can still save you money, there is no reason why you should have to use one of these companies. Most normal mortgage loan providers will cater for bi-weekly payments, but they won't charge you for the privilege. Further, if you pay a monthly service charge over a long period, you may end up spending as much on the charges as you would save.

Prepayment

The easiest way to take advantage of the bi-weekly loans is to set up the system yourself. Most mortgage lenders will allow you to make prepayment on your loan, so instead of waiting for the monthly payment, just make sure you pay half the amount every two weeks. If your lender will not accept prepayment, then simply pay a little more each month. Pay 13/12 of your monthly payment each month, as this will have the same effect as paying every two weeks.

Can you afford it?

Obviously, the reason why many people don't consider this method is because they believe they cannot afford it. With mortgages taking up a huge chunk of your salary already, to pay more might seem impossible. However, you are paying only a tiny amount more each month, and in return you can save yourself thousands in the long-term. If you can afford it then it is definitely worth considering.

Other ways to save

Although it is a great way to save money, there are other ways to use the money. If you have a very low mortgage rate, then it might be more sensible to keep paying at the current rate and use the extra money to invest in a high yield fund. However, if you have a higher loan rate and want to get out of debt more quickly, bi-weekly payments can really help you to do this.
About the Author: Peter Kenny is a writer for The Thrifty Scot Please visit us at Debt Consolidation and Bad Credit Remortgages

Bi-Weekly Mortgage Calculator
This calculator will show you how much you will save if you make 1/2 of your mortgage payment every two weeks instead of making a full mortgage payment once a month. In effect, you will be making one extra mortgage payment per year--without hardly noticing the additional cash outflow. But, as your about to discover, you will certainly notice the increased cash flow that will occur when you pay your mortgage off way ahead of schedule!
Enter the principal balance of your mortgage (call your mortgage lender and ask for the current payoff amount):
Enter the amount of your monthly mortgage payment: (principal and interest portion only):
Enter the your mortgage's current interest rate:

This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay if you switch to a bi-weekly mortgage payment plan:
Bi-weekly Mortgage Interest Savings:

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