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

Should You Pay Your Mortgage Bi-weekly or Monthly? Let's Take a LookMost 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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10484 E Mission Lane Scottsdale, AZ 85258

$1,225,000
4 Beds
2.5 Baths
2,121 SqFt
Status Active
MLS # 6733308
Property Type Single Family Residence
Price Type --
Opportunity awaits in highly-desirable Scottsdale Ranch! Situated on an oversized corner lot in a quiet cul de sac, this property offers a thoughtful floor plan with 4BR/2.5BA. Soaring ceilings and over 2,100 SQFT introduce travertine stone floors, solid wood cabinets, and granite countertops throughout. Entertain in the chef's kitchen, feat. stainless steel appliances, a massive center island, and dining area. Getaway to the primary suite feat. a private backyard entrance, dual vanities, separate shower/soaking tub, and large walk-in closet. Relax in the spacious backyard with sparkling pool/spa, built-in fireplace, and lush landscaping. SUPERIOR LOCATION: Less than 3 mi to Loop 101 FWY, shopping, and dining. Less than 20 min to TPC Scottsdale, Kierland Commons, and Old Town Scottsdale.

5949 E Larkspur Drive Scottsdale, AZ 85254

$1,225,000 - 3Br/3Ba -  for Sale in Avant 1 Unit 4, Scottsdale
Open House
$1,225,000
3 Beds
2.5 Baths
2,558 SqFt
Status Active
MLS # 6747120
Property Type Single Family Residence
Price Type --
Discover the perfect blend of space, convenience, and modern luxury with this large corner lot located in one of the most sought-after areas. Nestled within the ''magic zip code,'' this property offers an unparalleled opportunity to live the resort-style lifestyle you've always dreamed of all with the peace of mind that comes from brand-new upgrades throughout. This property boasts an array of recent enhancements, including a **new roof** and **new AC system**, ensuring comfort and efficiency year-round. The **completely renovated bathrooms** add a touch of elegance and modern design, perfect for relaxing after a long day. The state-of-the-art **hybrid hot water heater** provides both energy savings and reliable hot water, while the **new filtration system** and ................. **water softener** offer pristine water quality for your household. The expansive lot and corner location ensures easy access and added privacy. Imagine owning you own private oasis including a sparkling pool, outdoor kitchen, lush citrus trees, RV Gate, framed detached structure and putting green while still having room to put you own stamp on.the possibilities are endless. Living here means more than just owning a property; it's about embracing a lifestyle. Enjoy the benefits of a prestigious neighborhood known for its top-rated schools, vibrant community, and proximity to shopping, dining, and entertainment. Plus, with nearby access to recreational amenities like golf courses, spas, and exclusive clubs, every day feels like a vacation. Don't miss out on this rare find in a location where properties like this are few and far between. Prime location is everything in one of you larges life investments.

691 E Elgin Street Gilbert, AZ 85295

$1,224,900
7 Beds
3.5 Baths
5,090 SqFt
Status Active
MLS # 6758928
Property Type Single Family Residence
Price Type --
Welcome to your new home in the sought-after Vintage Ranch neighborhood! This isn't just any property; it's a rare 2 story split floorplan home with a heated pool and jacuzzi! This home has been lovingly maintained by a wonderful family. Each detail reflects pride and care. On the main floor, you'll find a perfect blend of comfort and functionality, featuring a large chefs kitchen and island as well as a spacious family and living room. The sprawling master bedroom is located on the first floor with its own completely renovated custom bathroom and walk-in closet for two. The first floor even has its own laundry so no hauling laundry up and downstairs! And.. the first floor is fitted with a generously sized office and guest bath. The kitchen is a true highlight, boasting ample storage and sleek stainless steel appliances. Step outside to your expansive backyard, a private oasis where tranquility and luxury meet. Venture up to the 2nd floor to discover 4 additional bedrooms, 2 bathrooms, laundry, an office, a work area, and even another living area/playroom! Whether you dream of a vibrant game room or a cozy home theater, this area is ready to fulfill your vision. Conveniently located near freeway access, schools, shopping, and more, this home embodies both convenience and lifestyle excellence!

18248 W Desert Sage Drive Goodyear, AZ 85338

$1,224,900
5 Beds
4 Baths
3,500 SqFt
Status Active
MLS # 6749741
Property Type Single Family Residence
Price Type --
This stunning 5-bedroom, 4-bathroom home is a true gem, offering luxury living in a desirable neighborhood! Built in 2019, it's the last home completed in the subdivision, is situated on an oversized lot and right on the golf course. The grand entrance welcomes you into a spacious open concept living area with high ceilings, gorgeous 12x24 neutral tile floors, and large windows that flood the space with natural light. Smart home enabled, this home comes equipped with a Ring security system and four cameras, all light fixtures and fans are custom made and plantation shutters throughout. The gourmet kitchen features top-of-the-line stainless steel appliances, Espresso colored shaker cabinets, granite countertops, herringbone subway tile backsplash, and an oversized butler pantry. The primary suite is true retreat with a spa-like en-suite bathroom, which includes dual vanities, and a large, upgraded walk-in closet with built-in California closers. Enter the backyard through remote controlled power blinds on the sliding glass doors to your beautifully landscaped oasis that includes a covered patio, fireplace, built-in kitchen with grill and refrigerator, which are all perfect for outdoor dining and entertainment. Enjoy your pool and spa all year around, that are heated with both gas and electricity. This home has been fitted with gutters that drain out underground and did I mention there is solar with a back-up battery, and it's paid in full!! Located in a prime location and just 25 miles from downtown Phoenix, Estrella provides a lakeside mountain oasis nestled in the Sierra Estrella Mountains in the Sonoran Desert Valley. The community offers more than 500 acres of parks and open space, including 72 acres of lakes for boating, fishing, and hiking. Estrella is home to a Nicklaus-designed championship golf course along with pickle ball, volleyball and basketball courts. Estrella offers a Yacht Club and three different Residents Clubs that feature resort-style pools, state-of-the-art fitness centers and a variety of sports courts, outdoor seating, dining, and more. Last but not least, within the Estrella community, they have five schools that focus on the arts, science, sports, civics, and citizenship which offer well-rounded education. Don't miss out on this incredible opportunity to own a luxurious home with every detail thought of in this sought-after neighborhood.

5312 N Sierra Hermosa Court Litchfield Park, AZ 85340

$1,220,000
6 Beds
3.5 Baths
4,824 SqFt
Status Active
MLS # 6749766
Property Type Single Family Residence
Price Type --
Move in Ready property located in the gated community of Dreaming Summit at Barrington Estates! 6 bedrooms + loft/game room, office on first floor with separate entrance/exit, 3.5 baths, 4,824 square feet, 4 car garage on an oversized cul de sac lot (1.172 acres), huge first floor master bedroom with French doors leading to the backyard, dual vanities, separate tub & walk-in shower, his & hers walk in closets, gourmet kitchen boasts Dual-Viking ovens, gas cooktop, Sub Zero refrigerator, kitchen island, ample cabinets & counter space, granite counters, family room has gas fireplace with stone mantle, 5 bedrooms upstairs, plantation shutters, backyard oasis awaits you that includes children's playground, Playhouse with air conditioning, trampoline, large covered patio, RV gate, large grass area, pool for those hot Arizona summers, built in BBQ with gazebo, outside fireplace, sport court, walking path, close to freeways, shopping, entertainment, too much to list here, see this home today!

13733 E Laurel Lane Scottsdale, AZ 85259

$1,220,000
3 Beds
3 Baths
2,769 SqFt
Status Active
MLS # 6773004
Property Type Single Family Residence
Price Type --
VIEWS VIEWS VIEWS! 24/7 Guard Gated community in highly prestigious Scottsdale Mountain. Single Level home w/ direct south facing Mountain , sunset and city light views features 3 full bedrooms plus a large den, 3 full bathrooms, and a three-car garage! Premium south facing corner lot backs to natural desert and offers exquisite mountain views and city lights. Kitchen includes granite counter tops, SS appliance, plenty of storage space and eat in kitchen! Scottsdale Mountain community features pickleball, tennis, heated spa and plenty of access to the many hiking trails within the McDowell Mountain Preserve. Home is located close to the Basis Schools, Mayo Clinic, golf and much much more!

966 E Desert Lane Gilbert, AZ 85234

$1,220,000
4 Beds
3 Baths
2,801 SqFt
Status Active
MLS # 6772023
Property Type Single Family Residence
Price Type --
Discover the best that Gilbert has to offer - a lush, irrigated farm property on 1.14 acres with a tasteful, remodeled home just minutes from downtown Gilbert. The property itself offers year-round greenery, creating a serene backdrop for your daily life. Picture sipping your morning coffee on the porch as you watch your horses roam freely in the sunshine! Inside, you'll be captivated by the modern design & thoughtful upgrades throughout. Charm meets luxury with exceptional touches like picture frame molding and red brick accents. The open-concept living area is perfect for entertaining, while each of the 4 bedrooms offer a private retreat at the end of the day. Every detail has been considered in the remodel, from stylish fixtures to a large primary walk-in closet & new primary bath ...with tub and shower, plus double vanities. A true delight is the library with built-in bookcases and fireplace. Perfect for horse enthusiasts, this property features stalls with commercial lighting and water, a picturesque red barn approximately 800 sqft, and well-maintained corrals, providing everything you need for your equine companions. Don't miss this incredible opportunity to own a piece of paradise! Most of remodel completed in 2022, including a new electrical panel 2022, luxury vinyl tile and carpet in bedrooms, 12 new windows and three new doors in April 2022, AC new in July 2023.

41717 N Moss Springs Court Anthem, AZ 85086

$1,220,000 - 3Br/3Ba -  for Sale in Anthem Country Club Unit 2a Cypress Point 2 Amd, Anthem
Open House
$1,220,000
3 Beds
2.5 Baths
3,191 SqFt
Status Active
MLS # 6767856
Property Type Single Family Residence
Price Type --
Golf course, mountain, pond & wash VIEWS! Endless & changing views from this Anthem Country Club home. Located behind the pond, directly behind Persimmon's hole #8 green, looking up to the ever-changing Daisy Mountain. NEW exterior paint! 1 NEW A/C, other 2012, 3/4 of roof has new underlayment. NEW epoxy garage floor. Open kitchen & family room. Updated kitchen, entertainment center & office. Charming primary bedroom & bathroom. HIS & HER closets & vanities. Large living & dining room. Neutral colors throughout. Light & bright Conveniently located by the main gate. SOLAR lease at low rate. Anthem amenities are outstanding. Come & enjoy ''2 of everything''. 2 golf courses, tennis facilities, club houses, restaurants, pools, fitness centers, just 2 much fun! Sellers are owner/agents.

36492 E Cactus Lane Tucson, AZ 85739

$1,217,000
3 Beds
3 Baths
2,699 SqFt
Status Active
MLS # 6754708
Property Type Single Family Residence
Price Type --
This luxury home, perfectly situated along the 8th fairway of the prestigious Preserve Golf Course, offers a harmonious blend of sophistication, class, and casual elegance. Nestled within the highly coveted community of The Preserve at SaddleBrooke, this residence boasts a thoughtfully designed split floor plan, featuring three spacious bedrooms and three luxurious baths. Dual master suites provide unmatched privacy, ideal for guests or family, while a versatile bonus room easily transforms into an office, workout room, craft room, or additional guest suite, thanks to a convenient built-in Murphy Bed. The gourmet kitchen is a chef's dream, equipped with top-of-the-line stainless steel appliances, custom cabinetry, and gleaming granite countertops, all enhanced by sophisticated lighting. The kitchen opens up seamlessly to the expansive great room, dining area, and breakfast bar, creating an ideal space for both entertaining and everyday living. A custom fireplace set into a striking chiseled granite feature wall elevates the living room's aesthetic, offering a warm and inviting atmosphere. This exquisite home also offers high end custom retractible sun shades that protect from UV on the homes interior as well as a top of the line Surround sound entertainment system built in! The covered patio will invite you to relax and enjoy panoramic golf course views, with breathtaking sunsets as the backdrop. The yard is equipped with a state of the art remote watering system controlled from your phone! Whether you're an avid golfer or simply seeking a serene lifestyle in a vibrant, active community, this home offers the perfect combination of luxury, comfort, and practicality.

3111 E Red Oak Court Gilbert, AZ 85297

$1,215,000
4 Beds
3 Baths
3,639 SqFt
Status Active
MLS # 6745436
Property Type Single Family Residence
Price Type --
Magnificent Toll Brothers home nestled in the heart of one of Gilbert's most prestigious areas. Every inch of this exquisite property creates a sense of luxury. Private gated courtyard entry (w/ gas fireplace), gorgeous hickory floors. Timeless granite & marble counters, crown moulding, soffited & box beamed great room ceiling; this home is unique. Spectacular kitchen boasts massive granite counters, upgraded cabinetry, breakfast bar & extended breakfast room. Luxurious owner's suite exudes elegance. The extended floor plan creates your own private retreat w/ massive walk-in closet, marble floors & counters, jetted garden tub accentuate the pampered comforts. Huge 1/3 acre lot features heated pool, private pergola & fire pit & still lots of space to personalize your private oasis. the pampered comforts of the owner's bath suite. Huge 14,000 sq ft lot allows plenty of room for the heated swimming pool, private pergola and fire pit. With so many upgrades and designer touches you'll be swept away!

8619 E Rancho Vista Drive Scottsdale, AZ 85251

$1,215,000
4 Beds
3 Baths
2,059 SqFt
Status Active
MLS # 6764806
Property Type Single Family Residence
Price Type --
STUNNING modern luxury ranch single story home in a spectacular location!! The perfect place for a young family, investor, or a large family. **Comes fully furnished** This property includes a new 800sf addition that boasts 10ft ceilings in your garage and primary suite & bath, dual vanities, modern tub & large shower. No HOA, Completely rebuilt with 4 beds 3 baths (3rd bed is a secondary suite) and an extra 200sf+ AC game room!! Minutes from Old Town and Talking Stick, spectacular curb appeal, with two front lighted courtyard patios that include picturesque Camelback Mtn. sunset views! Enjoy signature Scottsdale nights and entertainment, basking in your pristine heated/chilled PebbleTec pool w/ built in fire pit alongside a 40x15 foot covered patio with commercial misters and 3 sliders.

1427 E Cherrywood Place Chandler, AZ 85249

$1,214,747
3 Beds
2.5 Baths
2,462 SqFt
Status Active
MLS # 6782159
Property Type Single Family Residence
Price Type --
Furnished new single-story, model home with swimming pool in the gated community of Treeland. The home offers a Farmhouse exterior featuring 3 bedrooms, 2.5 bathrooms, a den, and attached 3-car garage. The kitchen features stainless steel built-in appliances including a 36'' gas cooktop and quartz countertops with a waterfall edge at the island. Other highlights include a 12' multi-slider at the dining room, Bryant maple rye cabinets, coffered ceiling in the foyer, office and primary suite, laundry sink with upper and lower cabinets, separate tub and shower at the primary bath with tile surrounds, iron entry door, champagne bronze fixtures in bathrooms, plus washer, dryer and refrigerator. Close of escrow targeted for the end of April, 2025, or earlier at Seller's discretion with notice

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