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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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!

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!

5418 N Annie Court Litchfield Park, AZ 85340

$615,000
4 Beds
2.5 Baths
2,961 SqFt
Status Active
MLS # 6780462
Property Type Single Family Residence
Price Type --
Welcome to Luxury Living. Move-in ready NOW - NO waiting on construction delays or dealing w/the dust/noise, and the enormous expense of Professional Landscaping & Costly Builder upgrades. Ready to Enjoy today & Priced Competitively to Sell. This home checks every one of your boxes on your wish list: Custom Sparkling Pool w/Calming Sheer decent water feature, Gas Fire Pit w/ seating area, Low maintenance Lush Extensive/Expensive/inviting landscape w/Mountain Views on a 1/4 acre lot! 3000 sqft, Single level, 3 car-garage on a quiet/friendly corner cul-de-sac lot. Split floorplan, Great Room living for Family & Entertaining Friends. Upgraded Kitchen w/Gas cooking, Extended/Upgraded Cabinetry. HUGE Primary bedroom en-suite that includes His/Her Closets, soaking tub & Walk in Snail shower

2629 W Quick Draw Way San Tan Valley, AZ 85144

$615,000
4 Beds
2.5 Baths
2,498 SqFt
Status Active
MLS # 6780392
Property Type Single Family Residence
Price Type --
THE HOME YOU'VE BEEN WAITING FOR! This dream home features Elegance, pride in ownership, a backyard oasis & upgrade throughout! Enjoy your spacious home which includes 4-bedroom's, a 3-car garage, RV gate, Interior boasts an inviting living & dining room, wood-look flooring, and tall vaulted ceilings that add to the airy feel. Desirable great room bathed in natural light is perfect for hosting lively get-togethers. Open-concept kitchen provides recessed lighting, abundant cabinetry, stainless steel appliances, quartz counters, a center island with a breakfast bar, subway tile backsplash, and a walk-in pantry. You'll surely love the spacious main retreat, showcasing an ensuite with dual sinks, an enclosed glass shower, and a walk-in closet. The backyard Oasis is every homeowner's dream! Oversized backyard won't disappoint, offering a covered patio, gazebo, storage shed, and a sparkling pool with water features. Seize the opportunity while it's still available!

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.

2724 W Blue Eagle Lane Phoenix, AZ 85086

$615,000 - 4Br/2Ba -  for Sale in N/a, Phoenix
New
$615,000
4 Beds
2 Baths
2,079 SqFt
Status Active
MLS # 6787668
Property Type Manufactured Home
Price Type --
This beautiful 4 bedroom, 2 bath home with NO HOA has over 2,000 sq ft and a perfect blend of functionality, comfort, and breathtaking natural beauty. Nestled on over an ACRE of land, in a serene location with captivating mountain views, this property also has an INSULATED 6+ CAR GARAGE (1500 SF) with ample room for vehicles, storage or WORKSHOP! Inside, the home features a split floor plan with each of the 4 bedrooms having a walk-in-closet providing amazing storage space. The kitchen counters have 4 full slabs of granite (no seams) providing tons of counter space, with a large center island and is complimented by a large dining room and family room with new flooring throughout. This home is truly a rare find. Only 3 houses on this street, so no through traffic. Solar tubes add even more natural light. House has u-shaped/half circle drive with lighted posts on each end. See today and experience all it has to offer.

4257 E County Down Drive Chandler, AZ 85249

$615,000
5 Beds
3 Baths
2,376 SqFt
Status Active
MLS # 6771098
Property Type Single Family Residence
Price Type --
It's a Beauty! Spectacular T.W. Lewis designed 5 FULL Bedroom/ 3 FULL Bath single level home on corner lot in Chandler's highly soughtafter community, Sun Groves. You'll love this split floor plan model with two master suites-perfect for the extended family. Kitchen boasts lovely white quartz countertops w/complimentary cabinets (including a coffee bar!), stainless steel appliances, pantry and island. Large dining space. Oversized primary suite with separate tub & shower, walk-in closet and private exit to Entertainer's Dream backyard. Cool off in your sparkling play pool and enjoy starlight evenings in spacious 10x10 Gazebo. Parking galore with extended driveway pavers plus RV gate opens to 42'x16' concrete pad.. bring your toys! Awesome Mustang Park is right across the street! WOW! Mustang Park offers a picturesque setting for walkers and runners alike. With its well-maintained trails and scenic surroundings, the park is an ideal location for outdoor activity enthusiasts. Whether you enjoy walking, running, or engaging in various sports activities, Mustang Park has something to offer for everyone. The park features essential amenities such as leisure playgrounds and shelters, providing a comfortable and enjoyable experience for visitors. Additionally, sports facilities including basketball and beach volleyball courts are available, catering to those looking for more active pursuits. If you are looking for a place to engage in walking, running, or other outdoor activities, Mustang Park in Chandler is the perfect destination to enjoy a fulfilling and rejuvenating experience.

482 S Bahama Drive Gilbert, AZ 85296

$615,000
4 Beds
2 Baths
2,343 SqFt
Status Active
MLS # 6787327
Property Type Single Family Residence
Price Type --
Welcome to the highly sought-after Finley neighborhood. This ranch home has expanded the interior for a light and bright entry. As you enter the home, you are welcomed to a large formal living/dining space, with huge custom sliding doors that allow for a ton of natural light. Split floor plan with 2 bedrooms and full bathroom on one side of the home, allowing for privacy in the Primary Suite. Kitchen open to the den/family room with a gas fireplace with tile surround. Kitchen has two island for extra seating/entertaining room. White cabinets, granite countertops, custom tile backsplash and smart appliances (included in sale). There is an additional den perfect for a home office, library or whatever you might need! The primary has a large ensuite with dual vanity sinks...

8858 E Dahlia Drive Scottsdale, AZ 85260

$615,000 - 3Br/2Ba -  for Sale in Pima Vista Amd Lot 1-185 Tr A-m, Scottsdale
New
$615,000
3 Beds
2 Baths
1,349 SqFt
Status Active
MLS # 6787958
Property Type Single Family Residence
Price Type --
This beautiful remodeled 3 bedroom 2 bath home has everything you could ask for including being listed in the coveted 85260 zip code. The home was recently remodeled with new counters, cabinets, appliances, ceiling fans, fixtures, front door, artificial turf, RO System and canned lights. New HVAC system in last 2 years! The floor plan is open and well designed with vaulted ceilings. Covered patio and beautiful backyard! Enjoy the community park, pool & tennis courts, bike and walking paths. Perfect location, just minutes from the 101, shopping and great restaurants.

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