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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5077 E Lonesome Trail Cave Creek, AZ 85331

$1,175,000
3 Beds
3 Baths
2,864 SqFt
Status Active
MLS # 6781780
Property Type Single Family Residence
Price Type --
Your dream home awaits in Colina del Norte! Enter thru the front door greeted by views thru the living rm & out to the entertainers backyard - with pool, spa, fireplace, & BBQ area. The yard has everything - misting system, mature shade trees, patios, built-in heaters. The 11000sf lot backs & sides open area. Inside, you & your guests can enjoy the rustic charm of custom kitchen cabinets, tile & wood flooring, live-edge wood features in the great room. Plantation shutters on the windows allow for natural light while also protecting your privacy. The primary bedroom is split from where you'll find 2 add'l bdrms, an office, & 2 add'l bthrms. Custom finishes T/O the home - stacked stone, vanities, copper sinks. Did I mention the 3 car garage w/built in cabinets? Don't miss out on this one.

18120 W Solano Court Litchfield Park, AZ 85340

$1,175,000
4 Beds
3.5 Baths
4,241 SqFt
Status Active Under Contract
MLS # 6741801
Property Type Single Family Residence
Price Type --
WELCOME HOME to this breathtaking, 4241 sq ft, custom-built Hacienda style home, in the exclusive gated community of Russell Ranch. Enter the through a rustic arched gateway and take in the private courtyard that features lovely landscaping and a beautiful water feature. The split, open concept floor plan includes high ceilings, exposed wood beams, built-ins. . The kitchen has chiseled granite counters, an island, a large buffet, a gas range, and a spacious pantry. The Primary Bedroom is a cozy retreat that includes a stone fireplace, beautiful built-ins, walk in closet and a stunning tiled bathroom. Bedrooms 2 & 3 each have en suites and walk-in closets. Bedroom 4 would make an ideal craft or exercise room. The den/office is spacious and perfectly situated at the front of the house. The backyard oasis was made for entertaining with a charming Palapa, a built in outdoor kitchen and fire pit. Take a dip into the Pebble Tec pool and spa with three cascading waterfalls and a Baja step. Keep cool on those hot summer days with a pro-grade misting system. The extended 3rd car garage can accommodate a boat and includes dual access doors for easy yard equipment and tool storage. This meticulously maintained home sits on nearly half an acre and is a MUST SEE!

15439 E Acacia Way Fountain Hills, AZ 85268

$1,175,000
4 Beds
3 Baths
3,255 SqFt
Status Active
MLS # 6779167
Property Type Single Family Residence
Price Type --
Discover the epitome of style and comfort in this stunning 2-story sitting on a corner lot in Sunridge Canyon. The main level boasts an expansive open layout perfect for entertaining or relaxing with family. The kitchen is a chef's dream. Custom cabinets with pull out drawers, top of the line appliances with a 5-burner gas stove and granite counters. The kitchen is open to the breakfast area and the great room that features a gas fireplace. The living room is a wonderful retreat for simple unwinding. The spacious master suite with walk in shower, soaking tub and a generous walk-in closet. The other bedroom on the main floor can be an office or second bedroom. Upstairs there are 3 bedrooms plus 2 baths. Private backyard oasis. Salt water pool, patio and walking path pavers.

8989 N Gainey Center Drive Unit 149 Scottsdale, AZ 85258

$1,175,000
3 Beds
3 Baths
2,048 SqFt
Status Active
MLS # 6779391
Property Type Townhouse
Price Type --
Beautifully remodeled townhome in coveted, guard gated, Gainey Ranch. This MOSTLY SINGLE STORY property features a spacious, open floor plan, ideal for family gatherings and entertaining. The PRIMARY BEDROOM and GUEST SUITE are on the GROUND LEVEL. A third guest suite with private balcony is upstairs. An extremely private back patio overlooks a peaceful greenbelt area, ideal for relaxing after a dip in the community pool/spa which is only steps away. Additional amenities include the Gainey Ranch Estate Club which includes pickle ball courts, tennis courts, a fitness center and an additional pool and spa. Surrounded by a 27 hole golf course and a short distance from Old Town Scottsdale, this is the ultimate in luxury & convenience!

17304 E Alta Loma Drive Fountain Hills, AZ 85268

$1,175,000
3 Beds
2.5 Baths
2,457 SqFt
Status Active
MLS # 6692629
Property Type Single Family Residence
Price Type --
Welcome to your own private oasis nestled in the highly coveted gated neighborhood of Arriba Del Lago. Located just steps from the fountain with breathtaking fountain and Red Rock mountain views from nearly every location in the house. The front patio with private pool is the perfect spot to enjoy all that nature has to offer. Sliding doors from the large Dining/Family room open to your front oasis from the heart of the open kitchen with brand new appliances. The living room provides a cozy space for gathering around Fire and connects seamlessly. Primary bedroom has a private retreat at rear of the home where tranquility abounds. Primary bath has been updated with all modern updates, A huge office/bedroom and guest room both have private patios at the back of the house. Freshly painted

13007 W Lowden Road Peoria, AZ 85383

$1,175,000
4 Beds
4.5 Baths
4,676 SqFt
Status Active
MLS # 6710940
Property Type Single Family Residence
Price Type --
Resort living at its finest in N Peoria. This remarkable home blends luxurious living w serene surroundings, offering a haven of comfort & sophistication. The expansive interiors are bathed in natural light, creating a welcoming ambiance throughout. A chef's kitchen awaits, boasting top-tier appliances, perfect for culinary enthusiasts & entertaining guests alike. Retreat to the spacious bedrooms, each a peaceful sanctuary with tranquil views and walkins. Outside, the meticulously landscaped backyard features a sparkling pool w water slide & 6 person grotto under the waterfall, putting/chipping green, outdoor gym & covered patio, ideal for enjoying Arizona's stunning sunsets. More... Located in a coveted neighborhood, this residence offers convenience w proximity to a rated school You'll find a separate den & game room, providing versatile spaces for work & play. As you make your way upstairs, you'll be delighted to discover a state-of-the-art movie theater room. This bonus room has been transformed into a cinematic oasis, perfect for enjoying your favorite movies w family & friends in the comfort of your own home. One of the standout features of this property is the impressive wine cellar, perfect for wine enthusiasts & connoisseurs. It offers a space to store and display your collection, creating a truly unique & luxurious experience. This luxurious home offers 4 spacious bedrooms, including a magnificent owner's retreat w a well sized sitting room. The highlight of this home is the impeccably customized walk-in closet, designed with the most meticulous taste in mind. Step outside into a resort-style backyard oasis, where you'll be captivated by a sprawling pebble finish heated pool complete w a grotto, waterfall & waterslide. The backyard also features a putting green with a sand trap, catering to golf enthusiasts and adding a fun recreational element to the space. Parking is never an issue with the convenience of a 5-car garage, an extra parking slab and RV Gate, providing ample space for vehicles & storage. Additional features of this remarkable property include new floors throughout, new picture windows, granite and stone features & impressive 20' ceilings. This is a rare find that offers the perfect blend of luxury & comfort. Don't miss the opportunity to own this remarkable property in beautiful Vistancia. Your new home has been lovingly cared for, allowing you to move right in & start creating memories.

4267 E Weather Vane Road Gilbert, AZ 85296

$1,175,000
5 Beds
3.5 Baths
4,521 SqFt
Status Active
MLS # 6786947
Property Type Single Family Residence
Price Type --
Stunning former model home that combines timeless elegance w/ contemporary upgrades. Step through the custom tile foyer into a sophisticated formal dining room, complete w/a coffered ceiling that adds architectural charm. Designer Chef's kitchen features white maple cabinetry,granite countertops,stainless appliances & generous walk-in pantry. A large center island w/seating is perfect for casual meals or hosting guests. The open living room boasts soaring 25-foot ceilings & impressive built-in cabinetry. Ground floor primary retreat w/spacious bath that includes dual vanities,soaking tub,walk in shower & two walk in closets. 12 ft slider opens the living room to the beautiful backyard w/covered patio & pool. Ascend the elegant spiral staircase to the 2nd floor, where you'll find 4 well appointed bedrooms, each featuring ample closet space. A bonus room and a dedicated media room offer additional flexibility for a home office, gym, or entertainment area.Located in the desirable Morrison Ranch neighborhood, this home offers an incredible living space. This is truly a gorgeous property with too many exquisite details to mention that must be seen to be fully appreciated.

4497 E Carriage Way Gilbert, AZ 85297

$1,175,000
7 Beds
4.5 Baths
5,816 SqFt
Status Active
MLS # 6744372
Property Type Single Family Residence
Price Type --
*$110K price reduction* Welcome to this beautiful Toll Brothers basement home in award winning Power Ranch. Offering 7 bedrooms + a den + a loft, 3 car garage and swimming pool with rock waterfall and slide. End the evening by the fireplace in the living room. Entertain or cook for loved ones in the grand kitchen with spacious island with copper island sink, built in double ovens, farm sink and much more. Basement includes two bedrooms, one full bath, game room/family room + storage closet. Main level includes a den, living room, dining room w/ adjacent butler's pantry, family room & the incredible kitchen and breakfast nook, a pantry and laundry room. The top level includes a private primary suite with sitting room, an updated bath with stand-alone tub, walk in shower with gorgeous work, dual vanities and a walk-in closet. Down the hall is a loft with two bedrooms on each side of the loft - and two bathrooms. Enjoy Arizona outdoor living in the pool with new pebble Tec and have fun for hours sliding down the waterslide.

11044 N 36th Street Phoenix, AZ 85028

$1,175,000
4 Beds
2 Baths
2,169 SqFt
Status Active
MLS # 6756829
Property Type Single Family Residence
Price Type --
Rare half acre lot in Phoenix! Amazing renovations recently done on this charming 4 bed/2 bath house on enormous lot! Press coffee, the newly renovated Paradise Valley Mall area, all the shops/dining at Tatum & Shea are only minutes away, and direct 51 freeway access is a 2 minute drive from your house. House opens up directly to large living, dining, and kitchen space, perfect for entertaining. Large backyard with mature landscape and plenty of room for entertaining or putting in a new pool. There is a separate office space in the in backyard as well as a large separate garage space with 952 sq/ft that could be turned into an income property, mother in law suite or workshop with separate entrance and private backyard space. Incredibly unique property in the heart of the city.

6735 E Dove Valley Road Cave Creek, AZ 85331

$1,175,000
4 Beds
2.5 Baths
2,887 SqFt
Status Active
MLS # 6773699
Property Type Single Family Residence
Price Type --
INVESTORS DREAM HOME!!!!! Discover a unique opportunity in Cave Creek with this off-market home at 6735 E Dove Valley Road. Set on a beautiful, expansive lot, this territorial-style property offers stunning desert views and plenty of space to enjoy the tranquility of the area. While the home could use a little TLC, it presents a great chance for someone to make it their own at a competitive price. With its spacious lot and peaceful surroundings, it's a rare find in this area. If you're interested in learning more or scheduling a time to see it in person, feel free to reach out. SW Capitol Hard Money loan ASSUMABLE 792K 1 year, 400K Seller Carryback assumable Call for Detail

2133 W Tanya Trail Phoenix, AZ 85086

$1,175,000
4 Beds
3.5 Baths
3,065 SqFt
Status Active
MLS # 6755847
Property Type Single Family Residence
Price Type --
Priced to Sell! A $50,000 price adjustment brings this property to an attractive $383.36 per square foot. Don't miss this exceptional opportunity to own a highly upgraded, newly constructed home (built in 2022) situated on a spacious one-acre lot with no HOA. This highly sought-after NextGen Builders Prescott floor plan offers an exceptional living experience with its thoughtfully designed layout. The residence features a great room floor plan, encompassing four bedrooms, three and a half bathrooms, and an additional office/den. The home is elegantly appointed with high-end finishes, a chefs kitchen including Wolf & Sub Zero appliances, and exhibits a refined, tasteful design. The backyard is designed for low-maintenance living, complete with a covered patio, generous artificial turf space, ramada, and a large paver pad. Additionally, half of the lot remains a blank canvas, ready for you to add your personal touch.

3837 N 43rd Street Phoenix, AZ 85018

$1,175,000
3 Beds
2 Baths
2,010 SqFt
Status Active
MLS # 6739682
Property Type Single Family Residence
Price Type --
This spectacular fully remodeled property (2024) in Arcadia Lite has upscale finishes, an insulated 4-car garage, new HVAC units, versatile outdoor spaces, an oversized lot, and a highly desirable floor-plan. Step inside this organic-modern home filled with natural earth tones and fresh modern elements. The light and airy interior with timeless materials is perfect for entertaining, coupled with a relaxing front AND backyard patio. Pool plans for the yard have been drafted by professionals and are available. The custom-designed kitchen features high-end appliances and fixtures, under cabinet lighting, lots of storage, and a unique wine storage space off the dining area. The gorgeous laundry/pantry room has ample storage, a sink, and quartz countertops. The spectacular primary bathroom has all the right design traits for maximum relaxation and restoration. Out in the spacious backyard you'll find a secluded greenery space including a Hong Kong orchid and citrus, a custom built outdoor kitchen, and a blank slate backyard ready for your touch. A big highlight of the property is the detached 900sf garage that could be converted into a casita or ADU. This is truly a one of a kind property with features you won't find in similar priced homes. PAID OFF solar!

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