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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3946 E Meadowbrook Avenue
Phoenix, AZ 85018
$1,100,000
4
Beds
3
Baths
1,900
SqFt
Status
Active
MLS #
6765658
Property Type
Single Family Residence
Price Type
--
Location, Location, Location! Possible short term creative financing. Your opportunity awaits to live your best life in Arcadia Lite, one of the most sought-after areas in all of Phoenix for homes under $5M. This incredible 10,019 sq.ft. lot is perfect for building your dream home, remodeling the current home for your self or a making it a luxury rental property. It's prime location offers convenience and luxury as it is situated just moments away from Postino, Ingo's and LGO, and within minutes of Paradise Valley, Camelback Mountain, hiking trails, Scottsdale Fashion Square, Biltmore Fashion Park and Sky Harbor International Airport. This property is a must see.
7320 E Sliding Stop Lane
Cornville, AZ 86325
$1,100,000
3
Beds
2
Baths
2,258
SqFt
Status
Active
MLS #
6732998
Property Type
Single Family Residence
Price Type
--
If private, cozy and quiet is what you are looking for, look no further. This property is an outdoor enthusiasts dream. Bordering US Forest Service land (no motorized vehicles allowed) gives you the opportunity to hike, bike or trail ride literally right out your back door. This 2258 square foot 3bed/2 bath custom home offers a split floor plan, vaulted ceilings, large windows that allow plenty of natural light and the ability to enjoy the amazing 360 degree views. For the horse lovers there are 3 covered horse stalls, round pen, hot walker, arena and a turnout, For the athlete there is a basketball court, pool table and a hot tub. Property is fully fenced to house all of your furry friends. This is a truly one of a kind property, so come take a look.
917 N 8th Street
Phoenix, AZ 85006
$1,100,000
2
Beds
1
Bath
1,465
SqFt
Status
Active
MLS #
6741219
Property Type
Single Family Residence
Price Type
--
Sale includes 917 & 921 N 8th St. 8th & Roosevelt consists of a historic home and additional land for development, located in the heart of the Garfield Historic District. The property sits on approximately a half-acre (gross) of land that is zoned R-5. The seller has a site plan to add (11) 1-bedroom units and (2) 2-bedroom units along with amenity space between the new units and the existing historic home. This would be a perfect small apartment community or short-term rental building in a ''Melrose Place'' type setting in downtown Phoenix. This is a fantastic, bite-sized opportunity for the seasoned investor or a local creative / artistic developer who wants to do a unique, fun project in the heart of one of the busiest, most dynamic, and eclectic areas in the entire Valley. 8th & Roosevelt is an awesome value-add / development opportunity in the heart of Downtown Phoenix. The property is located just east of 7th Street right off of Roosevelt in the heart of the gentrifying Garfield Historic District. Roosevelt and 7th Street is the east entrance to the happening Roosevelt Row district in the epicenter of Downtown Phoenix. It is minutes to the stadium district and a short bike ride / walk to the downtown ASU campus, Phoenix Burton Barr Library, and the Phoenix Art Museum. It is also minutes to Margaret T. Hance Park, which is the location of hundreds of activities including the McDowell Mountain Music Festival and many weekend food / craft festivals throughout the year. It is approximately a half mile to the I-10 Freeway to allow quick and easy access to all parts of the valley. This location is as central is it gets and allows residents to enjoy, with ease, so much of what Downtown and Midtown have to offer. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, 8th & Roosevelt Redevelopment Opportunity will prove to be a great place for residents to live as well as will be a very attractive parcel for a future class-A redevelopment in an A location. Phoenix is consistently on every national list for net influx of people and jobs, and the downtown area is expected to continue to explode with huge job growth in many different sectors; with Arizona State University's downtown campus rapidly expanding (already over 11,000 students and rapidly growing); with massive amounts of biotech investment and development in the area (the new Creighton University is approximately 2 miles away in midtown; the Phoenix Biomedical HUB is a couple blocks away; the stadium district is minutes away; the warehouse district is exploding around the corner to the south; and more). Opportunities like 8th & Roosevelt are rare and offer an investor a great value-add opportunity in one of the most active and desirable areas in the country.
6596 E Shooting Star Way
Scottsdale, AZ 85266
$1,100,000
3
Beds
3
Baths
1,911
SqFt
Status
Active
MLS #
6768991
Property Type
Single Family Residence
Price Type
--
Tucked in the foothills of North Scottsdale, behind the guard-gate of the Terravita Golf and Country Club community is this highly desirable Vallis floor plan with a separate Casita. Boasting a private setting including captivating views of Black Mountain and pristine desert landscape. The backyard oasis features a large covered patio for alfresco entertaining or intimate dining. Upon entering the home, you are greeted with soaring ceilings creating an open and airy environment. The thoughtfully designed layout seamlessly blends indoor and outdoor living. A social eat-in kitchen with bar seating and a casual dining space create an inviting atmosphere for both cooking and gathering. The luxurious primary suite offers a serene sanctuary with views of Black Mountain. The spa inspired bath with an oversized shower, dual vanities and lounge tub is perfect to relax and enjoy after the day's activities. The ensuite guest room in the main home is spacious with a roomy walk-in closet that guests are sure to enjoy. With a private courtyard entry, the separate casita could be used as a third ensuite bedroom or a private studio. Additional living spaces include a versatile den/office, a well-appointed laundry room with pantry shelving, a two-car garage with built in storage. Spanning across 823-acres and approximately 2,300ft above sea-level, the Terravita Golf and Country Club offers a full resort lifestyle. The clubhouse is the heart of Terravita's vibrant social scene. Residents enjoy fine dining experiences with breathtaking views of the golf course and surrounding mountains. The community hosts numerous social events, fostering a strong sense of camaraderie among residents.
77 S Arroya Road
Apache Junction, AZ 85119
$1,100,000
3
Beds
2.5
Baths
2,415
SqFt
Status
Active
MLS #
6753042
Property Type
Single Family Residence
Price Type
--
Imagine--your perfect Arizona homestead! Peace & quiet on the outskirts of the city, and adventure and exploration in horse country awaits with just shy of 4 acres for your horses, trails immediately adjacent to your property on expansive BLM land, and breathtaking views of the Superstition Mountains. More info and professional photos coming soon!
32029 N 20th Lane
Phoenix, AZ 85085
$1,100,000
5
Beds
4.5
Baths
4,019
SqFt
Status
Active
MLS #
6752163
Property Type
Single Family Residence
Price Type
--
5 bedroom and 4.5 bathroom, two story home with a private lot and pool. Completely remodeled. New kitchen, bathrooms, showers, all new flooring including hard and carpet. New cabinets, new paint inside and outside, lighting fixtures and fans, fireplace, high end appliances, laundry upstairs and downstairs, and so much more! You will have plenty of space to entertain inside the home as well as outside around the pool. Quiet, gated community and home sits on a cul-de-sac. Solar panels for cost savings of 50% or more on electric bill. Community includes walking paths, pool, spa, and fully remodeled clubhouse and new amenities! This home will truly amaze you and it's a must see.
26627 N 104th Way
Scottsdale, AZ 85262
$1,100,000
3
Beds
3
Baths
2,112
SqFt
Status
Active
MLS #
6758295
Property Type
Townhouse
Price Type
--
Beautifully appointed and nestled on a premium lot with breathtaking views of Pinnacle Peak and Troon, this fully-furnished, turnkey home showcases pride of ownership in every detail. Meticulously maintained, this residence blends luxury with comfort, creating the perfect desert retreat. The open floor plan features soaring 12' ceilings in the main great room, seamlessly connecting the interior to the outdoors with multi-slide doors that lead to a large covered patio. The master suite offers a private sanctuary with custom blinds, a spacious walk-in closet, and a spa-like soaker tub for ultimate relaxation. High-end finishes throughout the home include a custom chef's kitchen with elegant white double-stacked cabinets, a stunning 12' granite island, a fully tiled glass backsplash and stylish pendant lighting. Monogram appliances such as a 42 built-in refrigerator, wine fridge, dual ovens, hood vent, dishwasher, microwave, and reverse osmosis system make this kitchen both beautiful and functional. Rustic touches, like a charming barn door and barn wood accents, add warmth and character. Additional features include an epoxy-coated garage floor, built-in garage storage, water softener, and large laundry room with built in cabinetry, mud room bench nook and sink. Perfectly situated in a gated community, this residence provides a lock-and-leave lifestyle for those seeking convenience and peace of mind. Close to premier shopping, dining, and world-class trails such as Pinnacle Peak, Tom's Thumb, and Brown's Ranch, this desert oasis promises a modern, relaxed quality of life.
11239 E Oberlin Way
Scottsdale, AZ 85262
$1,100,000
3
Beds
2.5
Baths
2,826
SqFt
Status
Active
MLS #
6757633
Property Type
Single Family Residence
Price Type
--
Location Location Location.... Private Cul de Sac lot backing to NAOS and the George ''Doc'' Cavalliere Park and all with direct access to the Pinnacle Peak and McDowell Mountain hiking trail systems. This is a chance to own this super popular floor plan in Echo Ridge. Bright open floor plan with 3 spacious bedrooms, 3 car garage, travertine tile, private salt water pool, separate electric spa, and all with great views. Vacant and ready for quick access and closing. Owner Broker Agent
1112 E Arroyo Road
Phoenix, AZ 85086
$1,100,000
4
Beds
2.5
Baths
3,181
SqFt
Status
Active
MLS #
6760214
Property Type
Single Family Residence
Price Type
--
Are you ready for a home that has it all? A stunning 4-bedroom, 2.5-bath residence with tranquil mountain views, versatile entertainment area, RV hookups and a welcoming vibe! Nestled on an oversized one-acre lot, there is room to customize it or simply enjoy the gorgeously landscaped yard while relaxing around the wood burning firepit or from the extended covered patio! Inside there is an open and spacious family room with an entertainment niche, fireplace and high ceilings. The kitchen is functional and beautiful with wood cabinetry, granite counters, and newer Cafe appliances. The spacious master bedroom has patio access to the hot tub, two walk-in closets, and a lavish ensuite w/dual sinks. All of this plus 2 RV gates -1 dedicated RV parking with 50 amp, water, and sewer access.
4926 N 210th Avenue
Buckeye, AZ 85396
$1,100,000
2
Beds
2.5
Baths
2,534
SqFt
Status
Active
MLS #
6767287
Property Type
Single Family Residence
Price Type
--
Breathtaking Golf Course and Mountain Views! Luxurious Pool, Pergola, and Travertine Patio! This Traveler plan by Maracay is nestled in the picturesque tree-lined streets of Phase One in Victory at Verrado. Enjoy the blend of luxury and comfort, featuring thoughtfully selected options, upgrades, and timeless updates. Enjoy the cozy ambiance created by a stunning rock wall fireplace, along with ceiling fans, upgraded flooring, stylish lighting, premium appliances, elegant countertops, staggered cabinetry, and built-in speakers both inside and out. The patio is equipped with roller shades to enhance your outdoor experience. This home is a true gem, perfect for entertaining friends and family, who will appreciate the privacy of the guest suite complete with its own bathroom. Victory at Verrado embodies the essence of 55+ living, offering a vibrant community and exceptional lifestyle. Don't miss this incredible opportunity to make this dream home your own!
324 W Northern Avenue
Phoenix, AZ 85021
$1,100,000
3
Beds
2
Baths
1,940
SqFt
Status
Active
MLS #
6766133
Property Type
Single Family Residence
Price Type
--
Spectacular, one-of-a-kind Al Beadle masterpiece located in the heart of Central Phoenix! This classic contemporary has it all with floor to ceiling windows lining the back of the home, exposed steel beams, gas fireplace, marbled blue stained concrete floors, vaulted ceilings, fully renovated kitchen and bathrooms and a 179 sq ft detached office/studio. The impressive 13,856 sq ft lot showcases a sparkling diving pool, built-in gas fire pit and bbq conveniently located under a towering ramada. The front gate and custom block wall give the property a private, estate like feel. Down the street from the Murphy's Bridle Path, Phoenix Mountain Preserve access and excelling private and public schools, this is an extremely rare opportunity to claim this architectural gem as your own!
3126 N 6th Avenue
Phoenix, AZ 85013
$1,100,000
3
Beds
3
Baths
2,458
SqFt
Status
Active
MLS #
6767223
Property Type
Single Family Residence
Price Type
--
Seller Carry - 3.5% - Wrap Around Loan Available: Seller has remaining balance of approximately 490k. They are willing to carry that 490k for the buyer at a rate of 3.5%!! DO NOT DISTURB GUEST! DO NOT KNOCK ON THE FRONT DOOR! IF YOU HAVE QUESTIONS OR WOULD LIKE TO SEE HOME: 6o2-6538852. One-of-a-Kind Architectural Masterpiece in North Park Central. Welcome to one of Phoenix's most unique homes! Originally crafted by renowned architect Romauldo DeBlas in 1976, this architectural gem in the North Park Central neighborhood is truly one of a kind. It stands out with its bold mid-century influence paired with forward-thinking modern design, creating a home that is both timeless and visionary. In a city where basement homes are rare, this property is unmatched in character and sty Property Highlights: - Mid-Century Modern Design: Built by Romauldo DeBlas with recent updates that enhance its original architectural vision. - Architectural Beauty with exposed CMU blocks, soaring glass walls, and clerestory windows, providing stunning natural light and open space. - Eco-Friendly Features: Solar panels (leased with the home) and parking for 4+ vehicles with EV charging capability, promoting sustainable living. - Entertainment-Focused Amenities: A spacious pool with a large deck and seating area, a relaxing jacuzzi, and a finished basement ideal for gatherings. Nestled centrally in Phoenix this desert oasis offers both relaxation and function. Whether you're looking for a remarkable residence or an income-generating property, this home checks all the boxes. Currently operating as a short-term rental with a packed calendar, it has proven to deliver impressive returns of 50k-70k Annual Revenue. Over $125,000 in recent upgrades and repairs, including: - New sewer and water lines from the house to the street. - Pool resurfacing with Pebble Tec, complete with a 20-year warranty. - All pool pump components upgraded for maximum efficiency. - Liberty Home Guard extended home warranty covering everything inside the home for 5 years. Please Note: Showings will be available starting in early December due to its high-demand rental schedule. Don't miss the opportunity to own this one-of-a-kind Phoenix landmark, blending history, design, and incredible investment potential! Home furnishings are available for purchase if desired.