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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716 Country Club Drive Prescott, AZ 86303

$1,150,000

3 Beds

2 Baths

2,100 SqFt

Status Active

MLS # 6752466

Property Type Single Family Residence

Price Type --

Step back in time and enjoy the modern comforts in this enchanting 1926 Sears and Roebuck Bungalow, in the heart of Prescott's historic district. This 2,184 sqft, 3-bedroom, 2-bathroom home boasts a coveted Crescent floor plan and features original wood floors --warmth and timeless elegance. Tastefully remodeled kitchen and bathrooms offer perfect balance of historic charm and contemporary convenience. The big private backyard is a tranquil oasis, complete with a charming guest house—ideal for guests or potential rental income. Located within walking distance to Prescott's special events and downtown attractions, this rare gem offers a unique blend of history, community, and convenience. Whether you're looking for a full-time home or a lucrative vacation rental, this home is a must see.

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7400 E Gainey Club Drive Unit 211 Scottsdale, AZ 85258

$1,150,000

3 Beds

2 Baths

1,869 SqFt

Status Active

MLS # 6759730

Property Type Townhouse

Price Type --

Golf Course Views from spectacular Gainey Ranch Townhome. Fully Remodeled second story unit with two car garage & breathtaking views! Featuring 3 beds 2 bath, loft/office upstairs, featuring wood floors & white shutters this home has it all. Kitchen is equipped with glass door cabinets, SS appliances, breakfast bar & formal kitchen seating area. Open floor plan allows to entertain in living room & dining room with the two-sided fireplaces & private patio. Primary bedroom includes private patio & primary bathroom has dual sinks, jetted tub & tiled separate shower & large walk in closet with built-ins. The 8 million dollar clubhouse offers world class amenities including: gym, tennis courts, bar, lounge, wine room, conference room, two pools, hot tub, & more!

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6423 W Ruin Hill Loop Pine, AZ 85544

$1,150,000

3 Beds

4 Baths

3,337 SqFt

Status Active

MLS # 6761593

Property Type Single Family Residence

Price Type --

Exclusive location in the Pines on 0.74A. Remarkable blend of quiet beauty and meticulous attention to detail. The spectacular great room features a wall of windows that captures breathtaking views of the Tonto National Forest and the majestic Mogollon Rim. The gourmet kitchen is a chef's dream, showcasing Brazilian marble countertops, hickory flooring and cabinetry, and upgraded stainless steel appliances. Beautiful native stone fireplaces Nestled on a serene 0.74-acre lot in the Pines, this exclusive home offers a remarkable blend of (2) add warmth and charm throughout the space. The main level boasts a luxurious owner's retreat with an ensuite bath, complete with heated floors, a jetted tub, and a custom closet for comfort and convenience. The lower level invites you into a cozy family room with a fireplace, an office area, a library/storage space, and a guest bedroom with a private bath. Entertaining is a breeze with a bar area that includes a full-size wine refrigerator. Outdoor living is enhanced by covered, maintenance-free decks on both levels, perfect for relaxation and entertaining, along with a soothing outdoor spa for unwinding. Additional features include a durable metal roof, a spacious 2-car garage, a workshop, and attic storage for added convenience. This exceptional home is a true retreat, offering luxury and tranquility in an unbeatable location--dont'miss your chance to make it yours!

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27000 N Alma School Parkway Unit 2008 Scottsdale, AZ 85262

$1,150,000

3 Beds

3 Baths

2,627 SqFt

Status Active

MLS # 6769705

Property Type Apartment

Price Type --

Luxurious North Scottsdale Condo with Stunning Views. Directly across from the Four Seasons Resort, this exquisite condo offers refined desert living. A private elevator takes you to an expansive second level. The gourmet kitchen, featuring a granite island & high-end KitchenAid appliances, flows into a bright living space with sliders to two patios, a gas fireplace, & breathtaking views of Troon Mountains & Pinnacle Peak.The primary suite has patio access & a spa-like en-suite bath. A second bedroom offers a private balcony & en-suite, while a third bedroom has easy access to its own bath. Custom finishes, remote-controlled curtains, & a 2-car epoxy garage complete this perfect lock-and-leave retreat.

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2506 S 186th Drive Goodyear, AZ 85338

$1,150,000

4 Beds

3 Baths

3,222 SqFt

Status Active

MLS # 6784594

Property Type Single Family Residence

Price Type --

Wow, this impressive Tucson-style property sits over one acre, showcasing an exquisite design, 3 car garage, RV gate, cobblestone pavers, and a gated courtyard. Access through the custom iron & glass doors to be welcomed by a round foyer; continue onto a massive living room with a tall tray ceiling, recessed lighting, ceiling fans, a stoned-corner fireplace, and access to both the courtyard & the backyard, promoting easy entertaining. Soft neutral paint, travertine tile flooring, knotty solid doors, custom horizontal blinds, and lovely light fixtures are throughout the house. The sizable dining is open to the kitchen for added convenience. Outfitted with staggered wood cabinets, granite counters, stainless steel appliances, a panel-ready refrigerator, a double oven, and a 2 tier island, the kitchen was designed for a chef. The spectacular primary bedroom features a 2-way fireplace, backyard access, plush carpet, and a lavish ensuite hosting two granite vanities, a tub next to the fireplace, a snail shower with floor-to-ceiling travertine tile, and a bountiful walk-in closet. Secondary bedrooms share a Jack & Jill bathroom. The laundry room has a utility sink. The expansive backyard offers a large covered patio, a sparkling blue pool, a fire pit, and an oversized Ramada. What's not to like? Over 3,000 sqft of luxury are waiting!

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20636 E Ocotillo Road Queen Creek, AZ 85142

$1,150,000

2 Beds

1 Bath

1,057 SqFt

Status Active Under Contract

MLS # 5580021

Property Type Single Family Residence

Price Type --

INVESTORS, LOCATION, LOCATION, LOCATION. THIS IS A MUST SEE!!! Located in the Heart of Queen Creek on a CORNER LOT. This property is currently zoned residential, but can be turned into commercial. BRING YOUR VISION, THE SKY IS THE LIMIT.

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17316 W Wildwood Street Surprise, AZ 85388

$1,150,000

3 Beds

3.5 Baths

2,489 SqFt

Status Active Under Contract

MLS # 6679522

Property Type Single Family Residence

Price Type --

GORGEOUS HOME WITH AMAZING VIEWS OF THE STERLING GROVE GOLF COURSE 10TH GREENS AND BREATHTAKING SUNSET VIEWS OF THE WHITE TANK MOUNTAINS! THIS MATTHEWS CRAFTSMAN HOME HAS A PLETHORA OF STUNNING UPGRADES INSIDE AND OUT! GREAT ROOM OPEN FLOOR PLAN WITH 10' FOOT CEILINGS, CUSTOM BUILT ENTERTAINMENT CENTER WITH A VAPOR FIREPLACE, STACKABLE SLIDING GLASS DOORS, BEAUTIFUL CHEF'S KITCHEN WITH AN EXPANSIVE WATERFALL EDGE KITCHEN ISLAND, QUARTZ AND GRANITE COUNTERTOPS, TILED BACKSPLASH, TWO TONED SOFT CLOSE CABINETS, UNDERMOUNT LIGHTING, GAS COOKTOP, A BUILT-IN WALL OVEN, MICROWAVE AND REFRIGERATOR. THE MASTER BEDROOM IS SPACIOUS AND HAS A BUILT-IN CUSTOM CLOSET, SPA LIKE MASTER BATHROOM WITH HIS AND HER SINKS AND A TILED WALK-IN SHOWER! THIS MATTHEWS HOME IS 2,489 SQUARE FEET WITH AN OFFICE/STUDY ROOM, 3 BEDROOMS (ALL ENSUITES), POWDER ROOM HALF BATHROOM WITH A 3 CAR GARAGE (EPOXY FLOOR). FUN OUTDOOR LIVING IN YOUR VERY OWN BACKYARD OASIS! DESIGNED AND INSTALLED BY CREATIVE ENVIRONMENTS. BUILT-IN BAR AND GRILL FOR DINING OUTBACK! RELAX AND ENJOY IN YOUR REFRESHING POOL! ON A COOLER NIGHT, LIGHT UP THE FIREPIT AND ENJOY THESE GORGEOUS ARIZONA SUNSETS! THIS HOME HAS IT ALL, COME SEE FOR YOURSELF! Sterling Grove Golf & Country Club is a Gated Community w/24 Hour Guard Post. Great Opportunity to Enjoy on a daily basis so many Wonderful Amenities and Beautiful Views of the White Tank Mountains, Lakes, Ponds and Gorgeous Greens on your Walks, Jogs, Bike Rides! Amenities: TROON Managed Jack Nicklaus Design 18 Hole Golf Course, Tennis Courts, Pickleball Courts, Country Club, Resort Style Pools, Fitness Center, Spa, Restaurants, and Much More!

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10422 N Demaret Drive Fountain Hills, AZ 85268

$1,150,000

4 Beds

3.5 Baths

2,871 SqFt

Status Active Under Contract

MLS # 6708653

Property Type Single Family Residence

Price Type --

Golf Course Lot! Move-in ready! This Single Level home on Desert Canyon Golf Course has been meticulously maintained and beautifully updated inside and outside. This custom home features a spacious Great Room with Fireplace and Wet Bar, large Dining Room, Open Kitchen with upscale Stainless Appliances, Quartz Countertops, Breakfast Room, large Island seating, an abundance of Counter Space and Cabinets. The spacious Master Bedroom has separate Seating area, large Walk-in Closet, Bathroom with separate Vanities, Jetted Tub, separate Walk-in Shower. There are 3 other Bedrooms including one Ensuite. Beautiful Plank Porcelain Tile and Wood Floors throughout. No steps inside. The Resort style Backyard includes a private Pool, Paver Patios, Pergolas, Desert Landscaping PLUS Golf Course and Mountain Views. Large 3 Car Garage with built-in Cabinets and Epoxy floor. Newer Energy Efficient Dual Pane Windows throughout. Nothing to do but move in and Enjoy! A must see to appreciate all the upgraded features that this house has to offer!

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1748 Commonwealth Street Prescott, AZ 86301

$1,150,000

3 Beds

3 Baths

2,545 SqFt

Status Active Under Contract

MLS # 6727665

Property Type Single Family Residence

Price Type --

Back on the market! This stunning Parkside in Prescott Lakes home is conveniently located right on the edge of the Prescott Lakes Golf Course, at the 16th tee box! Step inside through the oversized front door of this custom-built home and be welcomed by high ceilings that create a bright and open space. Throughout the house, you'll find beautiful, scraped hardwood-look tile flooring throughout . The great room features a wet bar equipped with a Beer Meister, mini fridge, sink, a large picture window with views of the picturesque Granite Mountain, surround sound, and a stunning stone and granite fireplace that invites you to relax and unwind in this spacious and cozy haven. Opening up from the great room is the heart of the home - the dream kitchen.

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11529 E Minton Street Mesa, AZ 85207

$1,150,000

3 Beds

2.5 Baths

3,219 SqFt

Status Active Under Contract

MLS # 6644905

Property Type Single Family Residence

Price Type --

Situated on a secluded cul-de-sac in the privately gated Tonto Forest Estates, this desert jewel sits on just over an acre at the base of the Tonto National Forest. Offering convenient access to numerous parks, hiking and biking trails, recreational sites, Loop 202, and all-encompassing views of the Superstitions, Usery, and Goldfield Mountains, this home is the ultimate urban retreat. Enter through the elegant paver-lined courtyard to find a tranquil water fountain, custom front security door, and an open, light-filled floor plan with views of the Tonto Forest from nearly every window. Interior elements include oversized windows, granite countertops, fresh interior paint, neutral tile, wood and plush carpeting. Custom wood and built-in storage adorn the great room, primary suite, and -- private den. Step through elegant french doors to your expansive covered patio, where a private pool, built-in BBQ, and ambient outdoor fireplace await your enjoyment. Enjoy an extended driveway, with paver walkways, custom wrought iron gates, and an epoxy garage with floor-to-ceiling cabinets. Elevate your lifestyle, and embrace the tranquility of nature in this exceptional desert retreat!

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609 N Lindsay Road Gilbert, AZ 85234

$1,150,000

3 Beds

2 Baths

2,444 SqFt

Status Active

MLS # 6770915

Property Type Single Family Residence

Price Type --

Secluded, private, and quiet 1.5 acre irrigated horse property with a pull through RV garage in the heart of Gilbert. This one-owner, custom built block home has soaring high ceilings when you first walk in. Separate living and family rooms surround the heart of any home: the kitchen. A functional island and breakfast bar, built in SubZero fridge/freezer, and gleaming white cabinets offer plenty of storage. The primary bedroom is oversized and looks out at your expansive grounds with its own exit. The primary bath has a wealk-in shower and cedar lined walk-in closet. Outside there is a full-length patio which steps down into a beautiful courtyard with a fountain for relaxing in your private oasis. The RV garage/worskshop has dual electric openers and pull-through functionality as well as patios on both sides. It even contains it's own bathroom! The private road that serves as the driveway to this house only services this house. There is only one neighbor to the north but they do not share a driveway. The irrigation canal only serves two houses: no waking up in the middle of the night to follow complicated irrigation schedules. If you want to be close to downtown Gilbert but feel alone and secure on a house you cannot see from the road, this is it. There is no other property like this one. Don't miss it!

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5101 E Kathleen Road Scottsdale, AZ 85254

$1,150,000

5 Beds

3 Baths

3,464 SqFt

Status Active

MLS # 6775228

Property Type Single Family Residence

Price Type --

Take advantage of a rare opportunity to own a single-detached home in a desirable neighborhood. Best price per sq. ft. in 85254 .Experience resort-style living on an oversized lot with mature, fully-grown trees, property boasts coveted North/South exposure, offering privacy & tranquility ensuring year-round enjoyment of the large, sparkling pool with no HOA restrictions in the heart of Scottsdale..The spacious floor plan is perfect for a large family and ideal for entertaining guests, both indoors and outdoors.Enjoy easy access to a wealth of nearby amenities. Scottsdale is renowned for its vibrant community events, top-rated golf courses, The excellent schools and Kierland Commons/Scottsdale Quarter just moments away, you'll have unparalleled shopping, dining, entertainment options at your fingertips. Perfect for those who appreciate nature, luxury & convenience!

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