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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10044 E Tiburon Avenue Mesa, AZ 85212

$608,500

5 Beds

3 Baths

2,547 SqFt

Status Active

MLS # 6751296

Property Type Single Family Residence

Price Type --

TURN KEY READY!! Nearly-new 5-bedroom, 3-bath home in Mesa's Cadence at Gateway community. Fully Furnished! Built in 2022 by Tri Pointe Homes and stayed in just a handful of times! This spacious residence features a gourmet kitchen with stainless steel appliances, granite countertops, and a large island. Bright, open living areas flow seamlessly into a backyard oasis with custom BBQ and designer turf. The primary suite offers a spa-like bath with dual vanities, and walk-in shower. One of the biggest selling points is access to resort-style amenities, including one of the best community pools in the state, many parks, and trails.

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960 E Mulberry Place -- Chandler, AZ 85286

$607,000

3 Beds

2 Baths

1,324 SqFt

Status Active

MLS # 6638691

Property Type Single Family Residence

Price Type --

Charming 3 bedroom and 2 bath home in new Chandler community. Hamilton Landing includes 36 single level homes each with their own front porch, private driveway for 2 vehicles and a single car garage and a small, pet friendly rear yard. Each home has 10' flat ceilings, white cabinets, luxury vinyl plank flooring in every room, two tone paint, beautiful wood trim around windows and doors and granite/quartz countertops in the kitchen and baths. The community includes a dog park with a covered ramada. These homes will be ready for occupancy between March and June of 2024. All photos are of a similar home completed in a previous community.

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20911 S 231st Street Queen Creek, AZ 85142

$606,490

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6776293

Property Type Single Family Residence

Price Type --

Brand new phase!. Our beautiful Revolution plan features it's own guest suite and is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill. A public report is available on the Arizona Department of Real Estate website.

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4832 W Stargazer Place Laveen, AZ 85339

$605,995

4 Beds

2.5 Baths

2,024 SqFt

Status Active

MLS # 6683740

Property Type Single Family Residence

Price Type --

The single-story Dominic plan offers an open, inviting layout and ample living space. At the heart of the home is a spacious great room that flows into an impressive gourmet kitchen with a center island, quartz counter tops, dual pantries and a generous breakfast nook. A luxurious primary suite showcases an immense walk-in closet and a private bath with Deluxe walk-in shower, a covered patio invites relaxation, a study and a teen room, and a third side turn garage bay.

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20435 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6468712

Property Type Single Family Residence

Price Type --

Lovely Ranch home located on 1.21 acres and surrounded by beautiful Mountain Views. 4 bedroom and 2-bathroom, Split floorplan. Open kitchen, Granite counter tops, and stainless-steel appliances in kitchen . Enjoy Mountain Views and wide-open spaces from you kitchen table. 9 foot ceilings . Horses privileges. There is a shared well. NO HOA! Bring all the toys and horses.

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20427 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6468752

Property Type Single Family Residence

Price Type --

Lovely Ranch home located on 1.21 acres and surrounded by beautiful Mountain Views. 4 bedroom and 2-bathroom, Split floorplan. Open kitchen, Granite counter tops, and stainless-steel appliances in kitchen . Enjoy Mountain Views and wide-open spaces from you kitchen table. 9 foot ceilings . Horses privileges. There is a shared well. NO HOA! Bring all the toys and horses.

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20419 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6519611

Property Type Single Family Residence

Price Type --

2023 BRAND NEW HOME! This beautiful 4 bedroom / 2 bath is on 1.2 acres of land with NO HOA! The home features an open floorplan stainless-steel appliance, large pantry, a split double vanity in the primary master with additional closet space. Large, covered patio to enjoy the mountain views with plenty of space for your RV and toys on 1.2 acres! This lot provides endless opportunities for your own landscape/design. Please contact with any questions!

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20411 W Mountain Sage Drive Buckeye, AZ 85326

$605,000

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6519609

Property Type Single Family Residence

Price Type --

New 4-bedroom, 2-bathroom Ranch home on 1.21 acres with beautiful mountain views, open kitchen, granite countertops, and stainless-steel appliances. The home features 9-foot ceilings and a split floor plan. Horses are allowed, and there is no HOA. The property has access to a shared well.

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302 W Oak Avenue Unit 2 Flagstaff, AZ 86001

$605,000

2 Beds

2.5 Baths

1,098 SqFt

Status Active

MLS # 6733260

Property Type Single Family Residence

Price Type --

TO BE BUILT...Welcome to modern living in the heart of Flagstaff - a collection of contemporary detached homes that redefine luxury and convenience. Nestled against the backdrop of the stunning mountains, step into a world where architectural brilliance meets nature's beauty. The community boasts a sleek and contemporary design that seamlessly integrates with the natural surroundings. Plentiful glass allows ample natural light to flood the interiors, creating a harmonious blend of indoor and outdoor living. Clean lines, high ceilings, and thoughtfully designed spaces provide an open and airy atmosphere making each home a sanctuary of modern sophistication. Wake up to the awe-inspiring sight of the mountains right outside your window (Select Lots Only).

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20298 E Mockingbird Drive Queen Creek, AZ 85142

$605,000

3 Beds

2.5 Baths

2,320 SqFt

Status Active

MLS # 6780519

Property Type Single Family Residence

Price Type --

You'll love this beautiful home on a premium corner lot in Queen Creek Station that offers 3 bedrooms + study with double doors & 2.5 baths in 2320 SqFt. The open great room layout with a formal dining area was designed for entertaining and features wiring for surround sound and a built-in media wall with cabinets and shelving. The updated eat-in kitchen features granite countertops, tile backsplash, stainless appliances including a gas range, a large island with breakfast bar & pendant lighting, and butler's pantry with built-in desk and walk-in pantry. The large backyard offers a full-length covered patio with ceiling fan, extended paver patio, easy care artificial turf for kids and pets to play on, an above ground spa with pergola covering, and only single story neighbors. The primary bedroom has a tray ceiling, access to the backyard, and an en-suite bath with dual vanities, oversized shower, and roomy walk-in closet. Other features include laundry room cabinets, an oversized 2 car garage with service door to the backyard, an extended paver driveway for additional parking, and an RV gate. Fabulous amenities for the entire family at the Mary Lou Fulton Aquatic Center include a resort-style pool, playgrounds, picnic areas, sport courts, and walking trails.

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19882 N Crimson Ridge Way Surprise, AZ 85374

$605,000

2 Beds

2 Baths

2,273 SqFt

Status Active Under Contract

MLS # 6780024

Property Type Single Family Residence

Price Type --

**NEW ROOF**NEW WATER HEATER**NEW AC'S 2021**This REMODELED-MODIFIED Windrose floorplan has a new light & bright floorplan w/walls removed in the living area & kitchen for a spacious open great room that flows into an ALL new kitchen. Inside this split 2 Bedroom,2 Bath, w Den home, you will find NEW beautiful wood-look tile floors in the main living areas & baths w/new carpet in the bedrooms. The kitchen is open to the great room w/new cabinets,leathered quartzite countertops,SS appliances, a large island w/breakfast bar & dining area w/new built-in buffet cabinets. The great room is for entertaining w/a gas fireplace that has elongated tile floor to ceiling, a built-in cabinet w/leathered quartzite & a new dry bar cabinet w/wine fridge & leathered quartzite countertop.Floorplan in Photos You have large windows and two patio doors to the covered patio from the great room and dining area. Primary Bath has new leathered quartzite countertop, new cabinet, new walk-in shower, sinks, faucets & lights. 2nd Bath has new cabinet, leathered quartzite countertop, sink, mirror & vanity light. ALL NEW INTERIOR PAINT with new LED ceiling lighting and fans. Laundry room has NEW LG Washer and Dryer w/new ceiling light, sink, faucet & cabinet. 2 car garage has new interior paint - new water heater. Lush landscaping provides plenty of privacy for the covered patio. This home has a new roof w/15 yr warranty and 2 Trane Air Conditioners new in 2021 w/warranty until 9/28/2031. There is a Termite Warranty with Action Termite to February 3, 2025 (there have been no termites).

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20021 W Pasadena Avenue Litchfield Park, AZ 85340

$605,000

3 Beds

2 Baths

1,987 SqFt

Status Active Under Contract

MLS # 6753893

Property Type Single Family Residence

Price Type --

This is your chance to own a fantastic 3-bed, 2-bath horse property sits on an oversized lot! Its charm starts with a cozy front porch, 2 RV gates, & a 2-car garage w/extended driveway. Inviting interior features abundant natural light, high ceilings, a two-tone palette, and tile flooring w/soft carpet in bedrooms. You'll love the spacious open floor plan paired with French doors to the back! The impressive kitchen boasts SS appliances, granite counters, ample wood cabinetry, a pantry, recessed lighting, and an island w/breakfast bar. All bedrooms with walk-in closets! Main bedroom also has outdoor access and an ensuite with dual sinks & a separate tub/shower. HUGE! Unlimited potential can be explored in the backyard with a covered patio to relax. Enjoy beautiful mountain views! Just WOW!

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