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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19275 N 88th Way Scottsdale, AZ 85255

$1,299,000

4 Beds

2 Baths

2,583 SqFt

Status Active

MLS # 6786837

Property Type Single Family Residence

Price Type --

Rare find in Ironwood Village, 13,420 sqft Lot with neighbor on one side for extra privacy. Single story, 3 car garage, corner lot in a cul-de-sac. Entertainers backyard with extended covered patio, outdoor kitchen with dual built-in -BBQ, in ground spa, and Lap Pool replastered 2024. Roof replaced 2023. Vaulted ceilings, living and family room. Oversized primary suite with soaking tub, walk in shower, dual sinks, Huge Walk-in closet. Bright and open kitchen with breakfast bar, kitchen island, granite countertops and wall oven. The community of Ironwood Village features parks & location with easy access to 101, grocery, restaurants, shopping, schools, etc. Location Location Location.

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4601 W Paradise Lane Glendale, AZ 85306

$1,299,000

8 Beds

8 Baths

4,573 SqFt

Status Active

MLS # 6674143

Property Type Single Family Residence

Price Type --

NO HOA!!! CUSTOM Tri Level Home in Sunburst Farms sits on just under an acre with a detached Guest House, Separate Home Office and temp controlled Workshop! Solar panels, optional flood irrigation and a 500 gallon propane tank keep utility expenses low and affordable. Pride of ownership is in the details. Main House features 4bed/3.5bth, a custom kitchen with 2 sinks, built in appliances that include a convection cooktop, double ovens, and trash compactor. The finished basement has a bedroom, full bathroom, 2 walk-in closets and den. You'll notice all the GORGEOUS built in cabinetry throughout the entire home. The backyard oasis is an entertainer's dream with a massive covered travertine patio that extends to a heated pool/ spa and built in full outdoor kitchen and fireplace. Follow the luscious green landscaping to a detached 2bed/2bath guest house complete with a full kitchen and huge laundry room. Exit the private courtyard and you will find your perfect home office with 2 separate office areas and a full bathroom. Workshop is a temp controlled (mini split) 50ft garage featuring a 14ft door, chain hoist, built-in work bench, shop sink, locked storage area and half bathroom. Space is also preplumbed for compressed air. There are many more details, too many to list. Bring your toys and your tools and come check it out for yourself!

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11815 W Lost Man Canyon Way Prescott, AZ 86305

$1,299,000

4 Beds

3 Baths

2,680 SqFt

Status Active

MLS # 6674739

Property Type Single Family Residence

Price Type --

Enjoy breathtaking, uninterrupted vistas of Williamson Valley from this exquisite ''Ranch Style'' residence. Boasting 4 bedrooms, 3 baths, and a spacious 2 car garage, this home is a testament to rustic elegance. Step inside to discover large hewn timber beams, natural stone accents, and a stunning tongue-and-groove vaulted ceiling in the Great Room, complemented by a wall of windows framing panoramic views. Throughout the home, you'll find rich wood floors, Alder doors, and a charming stone fireplace with a mantle. The generously sized kitchen features granite countertops and a convenient wet bar in the dining area. Outside, multiple covered patio areas beckon relaxation amid mature trees and lush vegetation. Experience the epitome of tranquil living.

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1113 S Cypress Circle Payson, AZ 85541

$1,299,000

3 Beds

4 Baths

4,055 SqFt

Status Active

MLS # 6706097

Property Type Single Family Residence

Price Type --

Spectacular Quality! Steel structure & solid Alder doors throughout. Purple Mountains Majesty! Views! Sip your coffee admiring the Mogollon Rim. Conveniently located on a hilltop minutes away from downtown Payson, shopping & restaurants. Step through the door into vaulted, beamed ceilings with a wide staircase & custom railing. Family Room, Dining Room & Patio flow together creating a relaxed entertaining space. Main Suite dominates the 2nd story with a private loft, spa bathroom (including jacuzzi tub, snail shower, private laundry & bidet), fireplace, extended custom closet & huge deck. Top of the line, stainless steel appliances in this chef's kitchen where the sink window overlooks the vista, walk-in pantry and laundry room are steps away. Solid wood, Alder cabinetry throughout All walls are metal 2x4 & property framing is steel beams. Property has fire suppression system. Tile roof. Quality! The lowest level boasts 2 guest rooms with ensuite baths. LL living room includes a bar with a beer tap, wine cellar, refrigerator, ice maker, dishwasher, sink, surround sound & fireplace. Don't forget the gun closet & the bonus room! Step onto the wrap around patio and you are among the trees & views. Can you smell that fresh, pine air? Property sides to National Forest. Toys? Bring them! There is plenty of room in the 5 car garage. Storage cabinets & work bench flank the walls making an efficient space. 220 outlets in the garage. RV Parking on the side slab with electrical plug-in. Large storage room accessed from lower level patio. Come see it all!

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20622 W Colter Street Buckeye, AZ 85396

$1,299,000

3 Beds

3.5 Baths

3,282 SqFt

Status Active

MLS # 6752369

Property Type Single Family Residence

Price Type --

Breathtaking GOLF COURSE MOUNTAIN & CITY VIEWS from this David Weekley Serendipity home! With 3 bdrms, 2 dens, 3.5 baths, you & your guests will have plenty of room to spread out, as each bedroom has its own bathroom. The large owner's suite features stunning views, luxurious shower and soaking tub, as well as access to the laundry room. The gourmet kitchen includes extra cabinets, and huge center island. The ''Walk-Through Pantry is spectacular! There is also a ''Command Center'' (tech area). The beautiful backyard has artificial turf & extended covered patio Wait... there's more.. the 2.5-car garage has a mini-split & overhead storage. There's an over $100K amount of options, upgrades, and updates in this home!!! Also leased solar reduces utility bills. Includes 1-year Home Warranty The addition of the hobby room, which is 12x24 adds another 124 square feet to the floorplan.

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21616 N 37th Street Phoenix, AZ 85050

$1,299,000

6 Beds

4.5 Baths

4,302 SqFt

Status Active

MLS # 6748243

Property Type Single Family Residence

Price Type --

BIG REDUCTION TO SELL! $15,000 SELLER CREDIT FOR CARPETING & UPGRADES AVAILABLE! Own this 6 bed, 4.5 bath Amazon model in Fireside near the school! With a 4-car garage, heated pool, 4,302ft² & located on a premium view lot with no neighbors behind, this won't last long! The main floor includes your open concept great room, upgraded kitchen, formal dining room, den/bonus room, primary bedroom suite (which is epic!), powder bath, laundry, & a casita/mother-in-law suite with a private entrance & bathroom! Upstairs you'll find the additional 4 bedrooms (all with walk-in closets), a loft, tech space, & two more bathrooms! The back yard is filled with beautiful travertine, a heated (& cooled!) pool with smart equipment + controls, a pergola-covered outdoor kitchen + firepit , & view fencing without neighbors behind you! The front yard's desert landscape is maintained with an auto drip system, as is the courtyard! The home also features a TON of upgrades including but not limited to a new dishwasher (2024), AC (2022), solar system, RO water system, soft water system, new back turf (2022), misters on the patio, outdoor security system, new pendant lighting, in-ceiling surround sound speaker system, landscape lighting, and more! New Carpet installed (9/30) in the primary suite, too!

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3802 E Piccadilly Road Phoenix, AZ 85018

$1,299,000

4 Beds

3 Baths

2,553 SqFt

Status Active

MLS # 6761839

Property Type Single Family Residence

Price Type --

This Mid-century modern inspired single level home is quintessential Arcadia Lite! Located on an oversized, corner lot with electric RV gate, play pool & 2 car garage with EV charger. Beautiful curb appeal that welcomes you home in quiet pocket neighborhood. Bright and open, the kitchen features a big designer island and dry bar with clean, modern lines (calling your inner Art Collector for these walls!) Split floorplan with primary on one side and other 3 bedrooms on the other - kitchen/living space in between, makes it a great living flow with plenty of privacy for the primary. A new sparkling pool, putting green and lounge area make the outdoor living so functional and great for hosting.

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4148 N Westview Drive Phoenix, AZ 85015

$1,299,000

4 Beds

3 Baths

3,523 SqFt

Status Active

MLS # 6767459

Property Type Single Family Residence

Price Type --

Remodeled home in Historic Bel Air neighborhood with 4 bed, 3 bath, 3,523 sq. ft. RV parking, with electric RV gate and 13k lot, Whole house has been updated. Updates include 2 master suites, quartz counters, new plumbing, new windows, electric RV gate, RV parking, new gates, new appliances, new flooring, new baseboards, new cabinets, new electrical, new Trane AC units, new roof, new paint, fire place, new insulation, new tile, new pavers, new pergola's, new fixtures, new toilets, new baseboards, new paint.

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1105 N Indian Paintbrush Circle Payson, AZ 85541

$1,299,000

4 Beds

4 Baths

3,472 SqFt

Status Active Under Contract

MLS # 6689974

Property Type Single Family Residence

Price Type --

This amazing 4 bed, 4 bath multi-level home in Payson is now for sale! Enjoy the breathtaking golf course and panoramic mountain views from a recently remodeled and expanded deck. The home itself is nestled in the Community of Chaparral Pines and boasts a stunning façade, manicured landscape, and a 2 car garage w/paver driveway. Inside you will find a spacious living area w/elegant tile flooring, stylish light fixtures, abundant natural light, and neutral palette throughout. Hone your cooking skills in this gorgeous kitchen, comprised of wood cabinetry w/granite counters, SS appliances such as a wall oven & wine cooler, and an island complete w/a breakfast bar. You'll love the primary bedroom, featuring soft carpet, private deck access, walk-in closet, and a lavish ensuite! Don't forget about the cozy den, perfect for an office! Also including a HUGE deck w/a built-in BBQ where you can enjoy a summer cookout w/friends and loved ones, this home is a dream come true! Don't let this incredible opportunity slip by!

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8743 E San Victor Drive Scottsdale, AZ 85258

$1,299,000

2 Beds

2.5 Baths

2,819 SqFt

Status Active Under Contract

MLS # 6763640

Property Type Single Family Residence

Price Type --

This beautifully remodeled home in McCormick Ranch backs onto a serene greenbelt and features an open, bright floor plan with soaring ceilings. The spacious layout includes formal living and dining areas, plus a family room with a fireplace, built-in bookshelves, luxury wet bar & dual master suites. Gourmet kitchen boasts brand new white quartz countertops, Wolf appliances, a Sub-Zero fridge, double ovens, two sinks, & breakfast bar. Both master suites have walk-in closets and backyard access. The backyard is a green oasis offering a built-in BBQ, pool & spa! The master bathroom is a freshly remodeled dream. Roof & AC replaced in recent years. Milgard windows, & garage w/ cabinets & epoxy floors. Bonus, 2 rentable community casitas! Move-in ready!

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4850 E Poinsettia Drive Scottsdale, AZ 85254

$1,299,000

4 Beds

3 Baths

2,902 SqFt

Status Active Under Contract

MLS # 6738636

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This fully remodeled & expanded property is designed with modern comfort & luxury in mind. W/updates to the kitchen, Master suite, HVAC system, roof, windows, & the addition of spray foam insulation, it offers energy efficiency & a nearly new home. It also features an ADDED 2C garage, heated and cooled for your cars & toys. Recognized as the ''Best Home on the 85254 Tour,'' this stunning residence includes dual master suites, 3 spacious bathrooms, & an open-concept floor plan. The chef's kitchen is a true showpiece, perfectly situated to overlook a well landscaped backyard, complete with fruit trees, a gazebo, & maintenance-free synthetic grass. Pool Available too! Car enthusiasts will love the 4+garage, in the best neighborhood and A+scottsdale School distric Property upgrades: New 3-ton AC 2024 Roof 2020/2024 for addition New windows New Master Suite 19x19 New Master Bath 15x19 w/ soak tub, shower, toilet and bidet 2-Master Suites Foam insulation throughout 4+ Car garage cooled/heated Work room All new Electrical Wiring New Low voltage lighting Epoxy Garage floor New Pavered Driveway for 8 cars

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19550 N Grayhawk Drive Unit 1127 Scottsdale, AZ 85255

$1,299,000

3 Beds

2 Baths

1,834 SqFt

Status Active

MLS # 6766674

Property Type Townhouse

Price Type --

Discover this exquisitely remodeled 3-bedroom, 2-bathroom townhome in the prestigious Grayhawk community, perfectly situated on the golf course. Every inch of this home has been thoughtfully updated with the finest luxury finishes, offering a perfect blend of style and sophistication. Step into the spacious living area featuring a grand fireplace, perfect for cozy evenings, complemented by a custom wet bar and three wine fridges—a true entertainer's dream. The gourmet kitchen boasts Café appliances, quartzite countertops, and ample space for the most discerning chef. Retreat to the luxury master suite, complete with a spa-like bathroom featuring a sleek glass and tile shower, a serene soaking tub, and an expansive walk-in closet. The outdoor space is equally impressive, with brand-new landscaping, a tranquil fountain, and a hot tub ideal for unwinding after a long day. Whether enjoying the backyard oasis or taking in the golf course and mountain views, this home offers an unparalleled Scottsdale lifestyle. Don't miss out on this rare opportunity to live in Grayhawk's finest. Schedule your private showing today!

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