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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35518 N 30th Drive Phoenix, AZ 85086

$615,000
3 Beds
2 Baths
2,191 SqFt
Status Active
MLS # 6767894
Property Type Single Family Residence
Price Type --
Welcome to this beautiful old-world Italian style single-story home in the quiet, family-friendly Tramonto community. With 3 bedrooms, 2 full baths, & ample garage space for 3 cars, this residence is a must-see. This one-owner home features an open atmosphere with a spacious kitchen containing black appliances and ample storage space. The great room features a cozy gas fireplace & large newly-updated picture windows. Enjoy the spacious primary bedroom with en suite bathroom complete with a separate tub and shower, as well as a generous walk-in closet. Step outside into your own personal oasis with a calming water feature and eye-catching light layout. Tramonto residents enjoy pools, sport courts, & many green spaces. Furnishings are available as well, reach out now to arrange a tour!

1529 E Edgewater Drive Tempe, AZ 85283

$615,000
4 Beds
2.5 Baths
2,144 SqFt
Status Active
MLS # 6766284
Property Type Single Family Residence
Price Type --
This 4 bedroom residence w/loft is situated just down the street from the lake that you can enjoy boating and kayaking in the private community The Lakes. Enjoy 4 generously sized bedrooms on the second floor plus a versatile loft that overlooks the living room with vaulted ceiling. Relax by the large wood burning fireplace in the family room. Nestled in a tranquil neighborhood that offers a rec center with a Health and Fitness club ,Olympic size pool, spa, Pickel ball courts ,Tennis , Sand Volleyball, Basketball, Children's playground, and more. Conveniently located near lakeside restaurants and a short walk to Tempe Union Elementary/Middle schools and Marcos De Niza High. There is easy freeway access to 60 and 101 and to Sky Harbor Airport and ASU campus

8818 W Quail Avenue Peoria, AZ 85382

$615,000
3 Beds
2 Baths
1,790 SqFt
Status Active
MLS # 6769179
Property Type Single Family Residence
Price Type --
Welcome Home! This recently updated 3 bed/2 bath home invites you to come and make it your own! Located in a desired neighborhood and is on large corner lot! Just minutes from shopping, entertainment and restaurants! This home portrays pride of ownership with recently updated: tile flooring, updated bathrooms, heating and cooling unit, tankless water heater, sunscreens, custom baseboards, door trims and exterior/interior paint! It also has owned solar with grandfathered in rates! The backyard is perfect for entertaining with the pool and the newly added cabana! This home really speaks for itself, come check it out!

5160 E Karen Drive Scottsdale, AZ 85254

$615,000
3 Beds
2 Baths
1,592 SqFt
Status Active
MLS # 6778445
Property Type Single Family Residence
Price Type --
COME CHECK OUT YOUR NEXT HOME! This single level home in Scottsdale has a beautiful recently renovated kitchen with quartz counters and lots of cabinet space. This home has a split floorplan with a larger Owners' suite. It has a new vanity with a granite top in the owners' bathroom and a tiled walk-in shower. There is a patio door to the courtyard for enjoying your morning coffee or a glass of wine. Bedrooms 2 and 3 are split from the owners' suite. Bathroom #2 has a new vanity with a granite top as well. Tile and laminate floors throughout. Enjoy the spacious private yard with a detached 2 car garage. NO HOA.

7752 W Mary Jane Lane Peoria, AZ 85382

$615,000
4 Beds
3 Baths
2,515 SqFt
Status Active
MLS # 6774496
Property Type Single Family Residence
Price Type --
Pride of Ownership! Situated on a spacious corner lot, this beautiful haven offers a 3-car garage, RV gate, & NO HOA! Discover an inviting living room & a desirable great room paired w/wood flooring, gas fireplace, & French doors that create a seamless indoor-outdoor transition. Tall vaulted ceilings add to the airy feel, complemented by ceiling fans & plantation shutters. Fabulous kitchen displays coffered ceilings, recessed lighting, a custom island w/a breakfast bar, granite counters, plenty of cabinets & built-in appliances. The main bedroom ensures a peaceful retreat, showcasing plush carpet, two-toned paint, an ensuite w/dual sinks, & 2 walk-in closets. Tranquil backyard includes a covered patio, storage shed, & a refreshing pool for year-round enjoyment. Come check out the beauty.

5372 S Cat Claw Drive Gold Canyon, AZ 85118

$615,000
3 Beds
2 Baths
2,320 SqFt
Status Active
MLS # 6785100
Property Type Single Family Residence
Price Type --
Amazing, spacious 3 bedroom/2 bath PLUS a dedicated office with built-in desks and storage. Light, open floor plan with over 2300 square feet for relaxing, entertaining, and personal space. Bay windows in primary room and kitchen. Air conditioned Arizona room with huge windows and 2 separate indoor access doors, one from primary bedroom and another from the kitchen, then out to the patio to grill using gas stub. The 2.5 garage has wall to wall storage and a work counter with it's own cabinets for tools; there is also a charger for electric vehicle. This is a vibrant 55+ adult community with so many activities to get involved: Year round community pool and spa, 2 golf courses, Tennis courts, Pickleball, Pottery patio with kiln and a Monthly calendar filled with various activities.

41670 W Barcelona Drive Maricopa, AZ 85138

$615,000
6 Beds
4.5 Baths
4,149 SqFt
Status Active
MLS # 6783411
Property Type Single Family Residence
Price Type --
Home, sweet home! This wonderful 6 bed, 4.5 bath residence is looking for its new owners! A stunning facade w/stone accents, low-care landscape, a 3 car garage, and a paver driveway are just the beginning. Discover a spacious great room and formal dining area w/elegant wood-look tile flooring, plantation shutters, dazzling light fixtures, and custom palette throughout. The fabulous kitchen is comprised of white cabinetry w/crown moulding, granite counters, SS appliances, and an island w/a breakfast bar. Continue upstairs and into the cozy loft w/soft carpet, where you can spend a relaxing Sunday afternoon! You'll also find not one, but two primary bedrooms, each one boasting a private ensuite w/dual sinks and a walk-in closet! Double doors open up to a cozy den, ideal for an office. Lastly, the expansive backyard w/its covered patio, is a blank canvas w/tons of potential to become your own personal oasis! Your new home is waiting for you, hurry and act now!

18232 N 19th Place Phoenix, AZ 85022

$615,000
4 Beds
3 Baths
2,362 SqFt
Status Active
MLS # 6786276
Property Type Single Family Residence
Price Type --
Welcome to this stunning 4-bedroom, 3-bathroom home on a spacious lot with a charming Tuscan-style courtyard. Inside, enjoy an open floor plan with wood tile flooring, built-in living room cabinets, and a chef's kitchen featuring new stainless steel appliances, granite countertops, and upgraded lighting. Recent updates include freshly painted interiors and exteriors, new cabinet finishes, and updated tile flooring in the kitchen and baths. The master suite boasts a renovated shower, while all bedrooms feature new plush carpeting. The irrigated backyard offers a covered patio and pergola, perfect for entertaining. Conveniently located near the 51 and 101 freeways, this home provides quick access to dining and shopping. This home is a must see!

6979 S Wilson Drive Chandler, AZ 85249

$615,000
3 Beds
2 Baths
2,137 SqFt
Status Active
MLS # 6787032
Property Type Single Family Residence
Price Type --
Welcome Home to this gorgeous single-level, move-in-ready home in South Chandler. As you enter through the custom steel security screen and front door you are greeted with a neutral color palate, clean lines, and a view straight through to the backyard. This well-cared for two-owner home features a large master bedroom and bathroom with a walk-in closet, water closet, dual sinks, and a separate tub and shower. This master bedroom is split from the 2 guest bedrooms that are located on the opposite side of the house. The flex room, located near the front entrance, offers endless options. The beautiful kitchen has been updated with stainless steel appliances, freshly painted white cabinets, and has reverse osmosis water at the kitchen sink. The cozy gas fireplace is the perfect addition this Welcome Home to this gorgeous single-level, move-in-ready home in South Chandler. As you enter through the custom steel security screen and front door you are greeted with a neutral color palate, clean lines, and a view straight through to the backyard. This well-cared for two-owner home features a large master bedroom and bathroom with a walk-in closet, water closet, dual sinks, and a separate tub and shower. This master bedroom is split from the 2 guest bedrooms that are located on the opposite side of the house. The flex room, located near the front entrance, offers endless options. The beautiful kitchen has been updated with stainless steel appliances, freshly painted white cabinets, and has reverse osmosis water at the kitchen sink. The cozy gas fireplace is the perfect addition this time of year not just for ambiance but to quickly heat the house as well. Throughout the house you'll notice all new door hardware, faucets, light fixtures, baseboards, and electrical outlets. In 2022, two brand new AC units were installed followed by new interior and exterior paint, new carpet and baseboards, and a new 50-year roof in 2023. In 2024, the seller replaced the sunscreens and backyard irrigation. He also added artificial grass to the front yard. The 3-car split garage offers flexibility and includes side-mounted electric openers with battery backup that control insulated doors, tons of electrical outlets, built-in storage, and access to the attic and the backyard. When entering the backyard from the family room or master bedroom you'll find a covered patio with epoxy-coated stamped concrete and an electric rolling shutter perfect for hot summer evenings, cold winter mornings, and those dirty summer haboobs. Past the patio, you'll find beautiful green grass and a mixture of trees, shrubs, and rocks. If that's not enough, this home also includes Ring security devices, a washer & dryer, and all kitchen appliances. The only things you'll need to make this home yours are furniture and clothes. Welcome Home.

4046 E Pinto Lane Phoenix, AZ 85050

$615,000
3 Beds
2 Baths
1,849 SqFt
Status Active Under Contract
MLS # 6778057
Property Type Single Family Residence
Price Type --
Easy living, single-story home on a corner lot in the quiet and conveniently located Tatum Highlands Community. This home offers a great floor plan, with two living spaces, a backyard with private pool and spa, covered patio for relaxing and entertaining. Bright and spacious family room, kitchen, living, and dining room areas. The kitchen has granite counters, stainless steel appliances, tile floors, a large pantry, and skylights. The primary bedroom is your retreat with a walk-in closet, ceiling fan, ensuite bathroom with double sinks and bathtub. Plantation shutters throughout the home. New heat pump and AC, painted inside and out. Near John W. Teets Park and Desert Ridge shops and restaurants.

20340 N Canyon Whisper Drive Surprise, AZ 85387

$615,000
3 Beds
2.5 Baths
1,950 SqFt
Status Active
MLS # 6769126
Property Type Single Family Residence
Price Type --
One of the most coveted models in The Grand. Borgata offers a split bedroom floorplan. In addition this home has a detached casita with a 256 sq. ft. guest quarters. As you enter the paver extended patio courtyard, you will instantly feel the privacy ready for your enjoyment. As you enter the front you will feel the openness of the expanded Arizona room complete with gas fireplace. Granite counters in the kitchen.

8720 N 182nd Lane Waddell, AZ 85355

$615,000
6 Beds
3.5 Baths
4,067 SqFt
Status Active
MLS # 6775498
Property Type Single Family Residence
Price Type --
Beautiful spacious home located in a lovely neighborhood near the mountains, yet still close to the freeway and shops! This beautifully updated home features a brand new patio slider that opens to a spacious backyard complete with a new hot tub, perfect for unwinding. Inside, enjoy fresh paint and updated flooring throughout, creating a modern and inviting atmosphere. The massive master suite provides a peaceful retreat, complemented by very large additional bedrooms. A bonus den and separate office space offer endless possibilities for work, play, or relaxation. Don't miss out on this one!

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