Should You Pay Your Mortgage Bi-weekly or Monthly? Let’s Take a Look

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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6808 N 13th Street Phoenix, AZ 85014

$1,595,000

4 Beds

3.5 Baths

2,607 SqFt

Status Active

MLS # 6767254

Property Type Single Family Residence

Price Type --

This brand new 2024 home beautifully blends eco-living with nature. Inside, the soaring 10-foot ceilings and clerestory windows fill the home with natural light. The kitchen, featuring a stunning quartzite stone island, 36-inch induction range, European cabinets to the ceiling, and a walk-in pantry, provides ample space for cooking and storage. A 20-foot sliding door opens the living area to the outdoors, creating a seamless indoor-outdoor flow. The primary suite boasts two walk-in closets, a spa-like bathroom with a soaking tub, and calming murals that add an artistic touch. Outdoors, a unique permeable driveway minimizes heat, while Kurapia ground cover provides a lush, low-maintenance, green landscape year-round. The large, sunlit diving pool is surrounded by a cool limestone deck that stays cooler in the summer. The shaded covered patio offers a relaxing space to enjoy the natural surroundings, including the preserved Afghan pines, which create a dappled, cool ambiance and are home to many hummingbirds.

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7674 E Aster Drive Scottsdale, AZ 85260

$1,595,000

3 Beds

2.5 Baths

2,608 SqFt

Status Active

MLS # 6768836

Property Type Single Family Residence

Price Type --

Welcome to pure serenity in this newly renovated home with an organic flare! Discover an excellent curb appeal featuring a 2-car garage, a convenient RV gate, and a well-maintained landscape. Venture into a spacious floorplan with stunning interiors showcasing soaring ceilings, an abundance of natural light, warm wood flooring, a wet bar for entertaining, and a cozy fireplace for intimate evenings. Cook gourmet meals in the delightful kitchen, equipped with quartz counters, abundant wood cabinetry, chic pendant lightings, a tile backsplash, stainless steel appliances, and a large island with a breakfast bar. The master retreat is simply divine, complete with an expanded bath and closet with separate vanities, large walk-in shower and stand-alone tub Enjoy outdoor moments in the enchanting backyard, offering a covered patio, pristine artificial turf, and a refreshing pool. This home has everything! Located in a tranquil community in the heart of Scottsdale. Come see this beauty!

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23484 N 76th Place Scottsdale, AZ 85255

$1,595,000

4 Beds

3 Baths

2,757 SqFt

Status Active

MLS # 6765677

Property Type Single Family Residence

Price Type --

A must-see 2,757 square foot Lennar's contemporary Next Gen® design concept featuring The Home Within A Home® constructed in 2022. The property is located in the sumptuous gated community of Paseo at Pinnacle Peak in North Scottsdale. The floor plan was designed to offer two homes under one roof with upgraded wood floors throughout. The main home features expansive open living areas, a stunning entertainer's kitchen with stainless steel appliances, a spacious center island, white cabinetry, and a walk-in pantry. The three bedrooms - including a sophisticated owner's suite and two luxurious bathrooms. Custom electronic shades and plantation shutters provide privacy in the living and sleeping spaces. The main two-car garage is equipped with a charging station for electric vehicles. The attached guest casita offers lots of flexibility. You could use the space as an integral part of the house or as a multigenerational independent living space complete with a separate garage, private entrance, luxurious kitchen, living room, bathroom, bedroom and even an additional laundry hookup. This space can also be transformed into a private home office. The low maintenance private backyard has an above-ground spa and serves as a haven for outdoor entertainment and relaxation. This part of Scottsdale offers close proximity to popular hiking trails, golf courses, high-end restaurants, shopping and the loop 101.

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77 Palisades Drive Sedona, AZ 86336

$1,590,000

3 Beds

2 Baths

2,157 SqFt

Status Active

MLS # 6779091

Property Type Single Family Residence

Price Type --

Welcome to your slice of paradise at The Palisades. Just a short, scenic walk down a private path from the crystal-clear waters of Oak Creek, this home blends nature's beauty with luxurious comfort. Imagine stepping out your door to explore serene creekside trails, where the gentle sound of flowing water and the cool shade of lush trees offer a peaceful escape. Perched on a secluded hillside, this retreat boasts breathtaking red rock views that are best enjoyed from the comfort of an open, high-ceilinged living space. Every window frames Sedona's natural splendor, inviting you to relax and savor the luxury finishes and upgrades that make this home truly extraordinary.

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1825 E Adams Street Phoenix, AZ 85034

$1,590,000

5 Beds

5.5 Baths

4,791 SqFt

Status Active

MLS # 6626952

Property Type Single Family Residence

Price Type --

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32541 N Thompson Road Queen Creek, AZ 85142

$1,590,000

4 Beds

3.5 Baths

3,284 SqFt

Status Active

MLS # 6750283

Property Type Single Family Residence

Price Type --

WOW - Fully custom, newly-built, and never lived in luxury home with a 6.500 square foot garage with 16-foot ceilings & 14-foot tall steel garage doors! No HOA! Over 3,200 square feet of living space with an open floor plan & huge entertainer's kitchen! Around 10,000 sqft of under-roof space! 16-foot wide powered glass door in the living room with an electric fireplace & vaulted ceilings! 42-inch custom solid wood cabinets with quartz counters, 5-burner cooktop, & a 14-foot wide island! Extra-large walk-in panty, and over-sized laundry room w additional storage. Primary suite has separate exit, walk-in tile rain shower, and an absolutely huge primary closet. 3 other bedrooms, plus a den/office/flex room! Garage has 200-amp sub panel & spray-foam insulation as well! Hiking trails nearby!

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2502 N 85th Street Mesa, AZ 85207

$1,590,000

4 Beds

3 Baths

3,299 SqFt

Status Active

MLS # 6733761

Property Type Single Family Residence

Price Type --

Stunning new Farmhouse architectural custom home. 3299 sf livable with designer interior finishes including oak floors in livable areas and master bath. Custom cabinetry, white quartz counters with extensive use of visual comfort light fixtures and high end finishes. Automated swimming pool with spa and baja shelf and in water lounge chairs. This home is a must see in the high desert and includes a fenced desert landscaped yard with synthetic grass in front and back. Room for RV parking or future RV Garage.

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5009 E Gelding Drive Scottsdale, AZ 85254

$1,590,000

5 Beds

3 Baths

3,000 SqFt

Status Active Under Contract

MLS # 6754158

Property Type Single Family Residence

Price Type --

Spectacular 5 bedroom, 3 bathroom, 17' high cathedral ceiling Remodel in a cult-a-sac close to everything. Almost a half acre lot. Huge Master Shower and Closet with separate washer and dryer hookup in Mst Closet. Entertainers Delight! Seller is offering a credit for you to design and build your own cabinets in closet$$$ NO HOA:-) With this property, you can either have a pickle ball court in the back yard or a fully approved 1200 sqft 2 bedroom, 2 bathroom guest house with permit ready to build. Approved plans for guest house. This property would be amazing with 7 bedrooms, 5 bathrooms, 4 car garage

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14102 E Highland Avenue Fountain Hills, AZ 85268

$1,589,995

4 Beds

4.5 Baths

2,978 SqFt

Status Active

MLS # 6717196

Property Type Single Family Residence

Price Type --

Move in early 2025! Designer appointed Thaxton Modern offers room for family and guests. A nice front courtyard offers privacy for the attached casita making great outdoor space and inviting entry to the home. This home features additional bonus room and separate office. Open concept kitchen, casual dining and great room with fireplace opens to covered patio and spacious backyard for entertaining. Kitchen boasts Wolf appliances including 36'' cooktop, double ovens and built in 48'' Sub-Zero side by side refrigerator! Primary suite with luxurious bath with separate soaking tub, walk-in shower and two walk-in closets. Final opportunity for this amazing floorplan!

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10887 E Peak View Road Scottsdale, AZ 85262

$1,589,000

3 Beds

3 Baths

3,284 SqFt

Status Active

MLS # 6751836

Property Type Single Family Residence

Price Type --

Beautiful Custom Build in Highly Desirable Guard Gated Community of Candlewood Estates at Troon North. Walking distance to Brown Ranch Trail. Enjoy Breathtaking Views of the Mountains and Watch the Sunset Over the Sonoran Desert. The House is Nestled on a Corner Lot of a Cul-De-Sac Surrounded by Protected Land Giving You Privacy. Recently Renovated; Wood Floors, Custom Built Cabinets, Pella Doors, Custom Power Blinds, Primary Bath, and SubZero/Wolf Appliances. A Resort Style Backyard and Pool. Pool Equipment, Outdoor Kitchen Equipped with Twin Eagles BBQ, Teppanyaki Grill, and Power Super Burner in June 2022. No Expense Spared on Upgrades. Water Features and a River Flowing Into the Pool to Complete Your Own Private Resort. Don't Miss This Perfect Opportunity to Have Your Own Oasis.

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6038 Orion -- Lakeside, AZ 85929

$1,588,000

5 Beds

4 Baths

3,915 SqFt

Status Active

MLS # 6718783

Property Type Single Family Residence

Price Type --

Discover the ultimate in luxury lifestyle on this elevated lot in Starlight Ridge Estates with unforgettable views! Arguably one of the best lots in the White Mountains. Situated in a private cul de sac connecting to the National Forest and Reservation. Perched at the end of the community every area of this estate has spectacular views and has been completely renovated. The result, a sophisticated custom home where functionality is key, yet still elegant, warm and inviting. The unique design truly elevates the principles of timeless appeal and resort style living. Enjoy the outdoors year-round with choices of warm summer days, cool winter evenings, take refuge from the sun under many expansive covered patios, or just relax in privacy.

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6701 E Redfield Road Scottsdale, AZ 85254

$1,585,000

4 Beds

3 Baths

3,388 SqFt

Status Active

MLS # 6774725

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury in this stunning 4-bedroom, 3-bath residence, perfectly situated on a sprawling over ½-acre corner lot with no HOA. Boasting 3,828 sq. ft. of refined living space, included an additional 440 sq. ft. bonus room (not reflected on tax records), this home is designed for both grand entertaining and serene relaxation. The recently remodeled gourmet kitchen flows effortlessly into a vast living area, complete with a custom wet bar and an impressive, statement fireplace. This space is ideal for hosting elegant gatherings or cozy evenings at home. The expansive master suite offers a tranquil retreat, featuring a private sitting area, a second fireplace, and spa-like en-suite. Every bathroom in the home has been luxuriously renovated, exuding sophistication and and modern elegance. Step into your own private resort-style backyard, where lush greenery and expertly designed pavers surround a sparkling Pebble Tec pool. The large, covered gazebo, equipped with a built-in TV, is perfect for outdoor lounging and entertaining in style. Additional features include a redesigned walk-in laundry room, a grand iron front entry door, beautifully paved front walkway, engineered wood flooring throughout, skylights, and a dedicated storage unit. Just minutes away from the finest shopping and dining at Kierland and Scottsdale Quarter, this residence offers an exceptional blend of luxury and convenience. Please note: The bonus room was added without city permits and is not reflected on tax records.

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