Most homeowners look at their monthly mortgage payment as their largest cost per month, and something they must do to maintain a good credit history. However, you may have heard of bi-weekly mortgage payments and their ability to lower your debt load and help you pay off your mortgage more quickly. If you’re wondering if bi-weekly payments are too good to be true, here’s some information worth consideration.
What Difference Does Bi-Weekly Make?
Making a bi-weekly mortgage payment may seem to mean that your interest will be automatically reduced, but because the lender is not necessarily receiving that payment until the end of the month, this is not necessarily the case. However, while a typical monthly payment will equate to 12 mortgage payments per year, a bi-weekly payment means 26 half payments will be made each year, which equates to 13 months of payments and an additional month. As a result, this can reduce the amount of interest paid on the principal.
Consider More On A Monthly Basis
Bi-weekly payments have the ability to shave a bit off the principal and thereby lower overall interest, but that doesn’t mean you have to switch to paying every two weeks. Instead of bi-weekly, consider dividing your monthly mortgage amount by 12 and adding that amount to your monthly payment. This will bump up your mortgage cost per month, but it will also reduce the total amount you owe. For example, if your mortgage payment is $1200 per month, divide it by 12 to get $100, and add this to your payment, bumping it up to $1300 each month.
Be Aware Of The Options That Work For You
In the event that you decide to make bi-weekly payments, be aware that there may actually be additional fees associated with this offering that will nullify your money savings. As a homeowner, it’s important to stay aware of changes on the market and new mortgage offerings that can benefit you. However, it’s also important to ensure that whatever you choose, you’re aware of the risks involved so they can make for a positive financial shift.
Making a bi-weekly payment on your mortgage may have the benefit of lowering your overall home cost, but you may be able to get this benefit from simply bumping up your monthly payment.
For more tips on reducing your mortgage debt, give me a call – J.P. Cook – 602-320-4253.
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17904 E Veit Springs Drive
Rio Verde, AZ 85263
$1,749,000
3
Beds
3.5
Baths
2,912
SqFt
Status
Active
MLS #
6684098
Property Type
Single Family Residence
Price Type
--
THIS EXQUISITE LUXURY HOME WITH CUSTOM UPGRADES THROUGHOUT AND MOUNTAIN VIEWS IS LOCATED AT THE PREMIER TRILOGY VERDE RIVER GOLF RESORT COMMUNITY. The home has a grand appearance due to the spacious Great Room with 10' ceilings, engineered white oak flooring, custom beams and lighting, plantation shutters throughout, a gourmet kitchen and a 20' multi sliding glass door that opens to the extended covered patio, pool, spa and outdoor kitchen. It's designed for entertaining with attention given to every detail and high-end finishes throughout. The custom kitchen is equipped with upgraded appliances, cabinets, custom walnut island, quartz counters, two ovens, amazing backsplash, beverage cooler, wine cooler, rollout shelves, oil rubbed pendants, undercabinet lighting and a large separate dining room; Luxurious primary suite with a custom beadboard ceiling, ceiling fan, spectacular bathroom with oversized shower, soaking tub and floor to ceiling tile; Two beautiful guest suites; Den/Office with beams, accent walls, built-in cabinet, French doors; Alcove with custom cabinets; Beautiful powder room with custom accent wall; Smart room with laundry sink and upgraded tile floors; Spectacular backyard with mountain views, heated pool with silver travertine surround, spa, firepit; Covered patio over 765 sq ft. with custom beadboard ceiling outdoor TV, speakers, 2 fans, built-in upgraded grill and refrigerator. 4-Car tandem garage with epoxy floor, air conditioning, electric charger; Plus, gorgeous landscaping, courtyard with sunscreens, outdoor lighting, 500 gal. propane tank, extra wide driveway, full house water filtration and softener. Experience Trilogy at Verde River, a stunning resort style community nestled against the beautiful Tonto National Forest. The amenities at Verde River are spectacular. The Community boasts an 18-hole Championship Golf Course with a picturesque driving range, putting green, and separate chipping/pitching practice areas. One visit and you will understand why the PGA Southwest Section selected Verde River Golf & Social Club to host the AZ Senior Open and AZ Match Play Championships in 2020, 2021 and 2022. The active lifestyle amenities continue with pickle ball and tennis courts, with Clubs designed for social or competitive play. Adjacent to the sport courts for your convenience are bocce ball courts and an open grass area for social gatherings. The Community Clubhouse is all encompassing including a critically acclaimed restaurant, Needle Rock Kitchen and Tap, with a hugely popular wine and beverage program, Helen's Kitchen, a chef's inspired kitchen designed for cooking classes, and The Market Place, a favorite of member's for grabbing a morning coffee or picking up a forgotten grocery item. Love the Arts? Spend time at the Art Loft, where classes are offered in a variety of disciplines. The Clubhouse has an Events Center, designed to manage the needs on any member event. Attached to the Community Clubhouse is Alvea Spa, complete with Spa and Salon services, and Afterburn Fitness, a state-of-the-art workout facility that offers a variety of group fitness classes. Following your workout, enjoy convenient locker room facilities, and steam rooms. Just steps away from the Clubhouse in the Resort Pool, Lap Pool, and Sauna, all of which are heated. Enjoy the view, with food and beverages at Eddy's Poolside. Have a dog? Experience a dog-friendly community with a 7.5-acre dog park, with canopy shading coming soon for those warm AZ days. Trilogy at Verde River's location provides residents with the tranquility of the Tonto National Forest and the convenience of a short drive to the heart of North Scottsdale. Get the best of both worlds and see why you could be calling the Community, Home!
12028 N 80th Place
Scottsdale, AZ 85260
$1,749,000
4
Beds
2.5
Baths
2,934
SqFt
Status
Active
MLS #
6772749
Property Type
Single Family Residence
Price Type
--
Own an Updated Home in Beautiful Scottsdale Country Club East 9 gated community. Fabulous Sunset, Starfire Golf Course and Camelback Mountain views. Super convenient mid-Scottsdale Location. Superb Layout at almost 3000 sf. 4 Bedrooms with 4th being in a great location near primary bedroom, creating an owner's suite feel. 2.5 baths. One of the few 3 car garages on the smaller lots. High end kitchen cabinetry in a cook's kitchen with new quartz countertops. Thermador Built in refrigerator with co-ordinated Wine cooler. New large format porcelain tile throughout with new hardwood flooring in primary bedroom. Wonderfully large rooms. Laundry room includes small doggie shower that doubles as a laundry sink and a drop station for electronics! Don't miss this warm and welcoming renovation.
504 E Linda Lane
Phoenix, AZ 85086
$1,748,500
4
Beds
4.5
Baths
3,530
SqFt
Status
Active
MLS #
6689742
Property Type
Single Family Residence
Price Type
--
**33K ANNUAL INCOME FROM INTERNET LEASE, 3 YEAR CONTRACT, RENEWABLE. This magical 5-acre property sits high on the hill boasting epic mountain &/or City views in every direction. This high-quality luxury home was made to take in unobstructed mountain views from every window. The perfect Great Room-split bedroom floorplan- Kitchen open to the great room with massive wrap around island & ample cabinet/counter space. This gourmet kitchen includes a walk-in Pantry, granite counter tops, high-end stainless-steel appliances including double oven & built-in oversize refrigerator. The spacious owner's suite with separate walk-in shower & tub & large walk-in closet. & upgraded fixtures. This home has an enormous back patio with recessed lighting, propane patio heaters & fire tables. The views are endless & the Sunsets are EPIC. The garage can easily be converted to living space-complete with spray foam insulation, electrical & ceiling fan box. There is an additional 200amp breaker at the East side of the house so you can add whatever you like. Back-up generator runs on propane. The roof was recently recoated, 5 year warranty. PRIVATE WELL with 6,800 gallon holding tanks & 5 year warranty on the well pump. 2 water softeners with filter at the main line. Room to park 15 cars! Security gate with remote access. No one has a home like this on a large parcel like this one. Even though it is hillside, there is plenty pf space down below for another home, a horse set, a workshop/additional garage, whatever your dream is. The Maricopa Trail & Preserve is right outside your back door for adventure & exploration. Close to the new TSMC Chip manufacturing plant. Easy access to the I17 & Carefree Hwy, Grocery, Retail, banking & more. **Since every home has its own private bath & you have a private studio, this home would make a great Vacation rental, multigenerational home or full-time residence. **
8201 E Kalil Drive
Scottsdale, AZ 85260
$1,745,000
4
Beds
3
Baths
3,681
SqFt
Status
Active Under Contract
MLS #
6779262
Property Type
Single Family Residence
Price Type
--
Outstanding single level Monterey built home in the desirable community of Scottsdale Country Club East 9. Fabulous golf course views. 4 Bedroom split plan plus extremely large Office, 3 Baths with approx. 3681 square feet. Large kitchen open to the breakfast room and family room with dramatic fireplace. Large primary suite with a luxurious bath with separate tub and shower with 2 large walk-in closets. 3 Car Garage.
10722 N Skyline Drive
Fountain Hills, AZ 85268
$1,744,000
4
Beds
3.5
Baths
4,046
SqFt
Status
Active
MLS #
6786367
Property Type
Single Family Residence
Price Type
--
Looking for breathtaking views? Discover some of the finest vistas available for new construction in The Valley! Nestled on hillside homesites, this exceptional property offers both stunning daytime panoramas and twinkling nighttime scenery. Designed for effortless single-level living, this home includes the added bonus of a walk-out basement. The main floor showcases an expansive great room with soaring 12' ceilings and oversized picture windows that frame the incredible views. A gourmet kitchen seamlessly connects to a spacious covered terrace, perfect for soaking in the beauty of Crestview Canyon and its surroundings. Ideally located near the Scottsdale border, this home offers unparalleled convenience to the best of the area. The main level also features a luxurious primary suite, a dedicated home office, and an elegant living area. Downstairs, the walk-out basement surprises with a spacious media room and two additional bedrooms. Don't miss the chance to explore this remarkable community.
7454 E Cochise Road
Scottsdale, AZ 85258
$1,740,000
4
Beds
3.5
Baths
2,992
SqFt
Status
Active
MLS #
6731909
Property Type
Single Family Residence
Price Type
--
This home is a hidden gem! Scottsdale Road and Shea. Secluded gated community offering private pool, spa AND community pool. Kitchen has GE Monogram DBL ovens, gas cook top and bar. Kitchen is perfect for entertianing friends and family. 2 gas fireplaces, 15 ft vaulted ceilings, north / south exposure. Corner lot. 3 car garage with built in storage cabinets. Split floorplan, numerous glass doors to pool, spa and back yard space. Open, bright and light. Warm and inviting with plenty of space to relax and enjoy. Close to numerous fantastic restuarants, theaters, resorts, spas, parks, green belt, golf, hospitals and freeway. ,Hyatt Resort. Gainey Ranch shopes and dining are minutes away. This property is truly a must see to appreciate!
17808 E Bear Wallow Way
Rio Verde, AZ 85263
$1,740,000
3
Beds
3.5
Baths
3,004
SqFt
Status
Active
MLS #
6688055
Property Type
Single Family Residence
Price Type
--
Spectacular mountain views set the tone for this luxurious modern 3,004 sqft home in Trilogy Verde River. Amenities include golf, tennis, pickleball, pools, fitness center, restaurant, and much more. All in a guard gated community. This Orion model home features 3 beds, 3.5 baths, great room, office, extra large laundry/hobby room, bonus room plus 3 car garage with many first class upgrades throughout the home. The back covered porch has a huge standing propane fireplace, other paver sitting area, synthetic grass and Beautiful views of Four Peaks. Don't miss your chance to enjoy living in this remarkable residence with rare, hard to find Mountain Views.
7114 E Pasadena Avenue
Paradise Valley, AZ 85253
$1,739,900
4
Beds
2.5
Baths
2,640
SqFt
Status
Active
MLS #
6684144
Property Type
Single Family Residence
Price Type
--
LOCATION LOCATION LOCATION. Walking distance to Fashion Square Mall & all entertainment/dining Old Town Scottsdale has to offer. Home has incredible views of Camelback Mountain & an open floor plan that you'll fall in love with. Beautiful private courtyard w/ room for a pool. Kitchen includes BlueStar oven range, Carrara marble counters & a natural soap stone counter island w/ so much space to make even the best of chefs jealous. The oversized master suite will blow you away. Master bathroom has separate tub w/ oversized remodeled shower. Other features include gorgeous private backyard, high end artificial turf & white lady banks rose bushes to give the home a high end California feel to it. Upgraded lighting throughout, quartz countertops in the laundry room.
1535 W Wagon Wheel Drive
Phoenix, AZ 85021
$1,735,676
4
Beds
4.5
Baths
3,647
SqFt
Status
Active
MLS #
6717216
Property Type
Single Family Residence
Price Type
--
Last new-build opportunity at Willow, Camelot Homes new gated community located in North Central Phoenix. Tucked behind the bridle path located on 15th Ave between Glendale and Northern, with breathtaking views of Piestewa Peak. You'll have the opportunity to work with an award winning design team to build the home of your dreams. Buyer's choice landscape not included in pricing.
7705 E Doubletree Ranch Road Unit 19
Scottsdale, AZ 85258
$1,733,000
3
Beds
3
Baths
2,052
SqFt
Status
Active
MLS #
6764873
Property Type
Single Family Residence
Price Type
--
This exceptional 3-bedroom, 3-bath golf course property in Arroyo Vista Gainey Ranch is a true oasis, complete with a charming separate casita for guests. Nestled on the 7th hole, it offers stunning views that will take your breath away. As you step inside, you're greeted by a warm and inviting atmosphere, highlighted by beautiful wood windows, doors, and trim that flow seamlessly throughout the home. The open floor plan is perfect for both relaxation and entertaining. The chef's kitchen is a culinary dream, featuring rich Alder cabinetry, soaring beamed ceilings, gas cooking, grand luxurious granite countertops. The immense island provides ample space for meal prep and casual dining, while the high-end Subzero refrigerator/freezer and multiple wine and beverage refrigerators ensure you have everything you need for hosting gatherings. Additional highlights of the home include spacious bedrooms with, ample natural light, and a well-designed layout that maximizes both comfort and functionality. Step outside to your outdoor oasis, where you can enjoy the serene views and lovely Arizona sunsets. This property is not just a home; it's a lifestyle. Don't miss the chance to experience all that this stunning residence has to offer!
2638 W Black Ridge Lot 29 Trail
Prescott, AZ 86305
$1,730,500
3
Beds
3
Baths
2,861
SqFt
Status
Active
MLS #
6768297
Property Type
Single Family Residence
Price Type
--
Welcome to the breathtaking views of Prescott Arizona'.This Amazing lot is primed for this Mountain Modern Home that blends naturally with the beauty of Prescott's unique landscapes. Featuring 2861 sf this 3 Bed 3 Bath with an office is a perfect fit. This spacious lot offers the perfect elevation for a home with Expansive Windows, capturing Panoramic Views. Imagine evenings spent on a Secluded Patio, gathered around a fire pit under the Arizona Night Sky. This home's varied rooflines echo the rugged terrian, blending contemporary design with the natural environment. IT IS NOT JUST A HOME; IT IS A LIVING EXPERIENCE!! With Crystal Creek Builders, your vision is paramount. Tailor your design and materials to your unique vision and we'll build your dream home on this exceptional lot.
6525 E Cave Creek Road Unit 14
Cave Creek, AZ 85331
$1,725,000
2
Beds
3.5
Baths
2,775
SqFt
Status
Active
MLS #
6779783
Property Type
Single Family Residence
Price Type
--
Nestled in the exclusive enclave of Hidden Rock, this luxurious two-story residence in Cave Creek seamlessly blends contemporary design with the natural beauty of the desert surroundings. This beautiful home boasts a spacious layout, featuring two bedrooms, three and a half baths, a bonus room, and a two-car garage. The main level showcases wood flooring, a front guest bedroom with a private bath and walk-in closet, an open kitchen with top-of-the-line stainless steel appliances, a formal dining area, and a great room with a contemporary built-in electric fireplace and shelving. The master suite, with sliding barn doors, offers a walk-in closet with built-ins and a full en-suite bath with dual sink vanities, a soaking tub, and a seamless walk-in shower. Additional conveniences on this level include a laundry area and a powder room. Take the stairs to the upper level, where a lounge area leads to a front viewing deck with breathtaking mountain views. An expansive bonus room awaits, perfect for a theater or entertainment space, with an adjacent full bath. The rear-view deck offers more mountain vistas and features a built-in BBQ, eat-up bar, sink prep area, mini-fridge, and an electric fireplace. The beautifully landscaped backyard extends the length of the home, and provides plenty of privacy while offering incredible views surrounding the home. The property is thoughtfully designed with block and view fencing that harmonizes with the desert surroundings. Residents can also enjoy a community pool and spa. Just minutes from downtown Cave Creek, this home offers easy access to world-class retail shops, art galleries, and dining, making it the epitome of luxurious desert living.