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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6765 W Molly Lane Peoria, AZ 85383

$599,990
3 Beds
2.5 Baths
2,051 SqFt
Status Active
MLS # 6773969
Property Type Single Family Residence
Price Type --
North/South Exposure with scenic views! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, Desert Backyard Landscaping and Smart Home Technology. Home is now complete and ready to call home, photos of actual home!

5831 E Rose Garden Lane Phoenix, AZ 85054

$599,990
3 Beds
2.5 Baths
1,743 SqFt
Status Active
MLS # 6725515
Property Type Townhouse
Price Type --
IGNORE DAYS ON MARKET HOMES ARE ALMOST DONE PICTURES COMING SOON! Like the beaches in Hawaii, this home will ruin all other homes for you with how gorgeous it is. With no neighbors behind and a North/South facing orientation you will be able to enjoy the beautiful sunrises and sunsets every day. But let's not forget about the interior! 3 bedrooms and 2.5 baths with a spacious loft upstairs makes this house a home!! Quartz countertops, white cabinets and wood-like flooring only add to its allure. This home is estimated to be completed in September so do not hesitate! Actual Home photos coming soon

2451 W Rowel Road Phoenix, AZ 85085

$599,990
3 Beds
2.5 Baths
1,964 SqFt
Status Active
MLS # 6782097
Property Type Single Family Residence
Price Type --
Welcome to your NEW HOME at Aster in Union Park! This home offers 1,964 sq ft of living space with 3 bedrooms, 2.5 bathrooms, and a 2-car garage. The primary bedroom has dual walk-in closets and a private deck. The Design features are the Enhanced C package of upgrades including 42'' stone gray cabinets, quartz countertop, custom backsplash, large island, stainless steel gas range and tile flooring. HOA includes Union Park Amenities, front yard landscaping & maintenance along with concierge trash pickup. Union Park residents will enjoy amenities that include, resort styled pool and lounge areas, a 5800 sq ft clubhouse, pickleball courts, basketball courts, 11 parks, playgrounds and walking paths. Easy access to 3 freeways within 10 minutes and 25 minutes to Airport.

16355 W Desert Mirage Drive Surprise, AZ 85388

$599,990
4 Beds
3 Baths
2,623 SqFt
Status Active
MLS # 6710584
Property Type Single Family Residence
Price Type --
QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the Topaz - with 4 bedrooms + study and 3 full baths. Multi slide door that leads out to the extended covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance with 30'' built in cooktop and wall oven. Tahoe Maple Boulder cabinets with 42'' kitchen uppers and a pull out trash drawer. AZT Hana Sky quartz countertops in kitchen with stainless steel under mount single bowl sink. 8' tall interior doors. Upgrade flooring includes DT Broxburn Gray 6x24 plank tile in all areas of the home except bedrooms and closets. 5'' base boards and 3 1/4'' door casings throughout. 8' tall garage door for those high profile vehicles with garage door opener and much more. Please verify all information with onsite agent. Thank you!

16411 W Desert Mirage Drive Surprise, AZ 85388

$599,990
3 Beds
2.5 Baths
2,224 SqFt
Status Active
MLS # 6784447
Property Type Single Family Residence
Price Type --
QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Crimson floor plan with 3 bedrooms, 2.5 baths and a 3 car garage. North/South exposure and no two story homes on either side and landscaped behind. Barnett maple boulder -gray cabinets with 42'' kitchen uppers. AZT Hana Sky quartz countertops in kitchen and both full baths. EMS 2x6 tiled backsplash in kitchen. Stainless steel gas appliance package with a 30'' cooktop and wall oven for the cook in the family. 5'' base boards and 3 1 /4'' door casings throughout the home. Upgrade flooring includes DT Broxburn gray 6x24 plank tile in all areas of the home except for bedrooms and closets. Interior two tone paint ''Whiskers'' and so much more. Please verify all information with onsite agent. Thank you!

1471 W Saddle Run Apache Junction, AZ 85120

$599,990
5 Beds
3.5 Baths
3,027 SqFt
Status Active
MLS # 6750829
Property Type Single Family Residence
Price Type --
Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Prato floor plan is an elegant two-story home featuring five bedrooms, an upstairs loft, and a spacious flex area perfect for an office, TV room, or study. Complete with front yard landscaping, this home will be ready for occupancy by October or November. It is conveniently located near community parks, grocery stores, and restaurants.

20055 W Campbell Avenue Buckeye, AZ 85396

$599,990
4 Beds
3.5 Baths
2,608 SqFt
Status Active
MLS # 6776604
Property Type Single Family Residence
Price Type --
KITCHEN: Maple Painted White Cabinetry and 3 ½'' shaker crown, Gas GE Profile 36'' stainless steel Cooktop with wall oven, Quartz Countertops, Extended Island, Box-in for 36'' refrigerator. FLOORING: 7X48 Wood look and upgraded carpet & pad. INCLUDED OPTIONS: Spanish exterior, Pre-plumb for soft water loop and Corner sliding door

1193 E Spruce Drive Chandler, AZ 85286

$599,990
4 Beds
2.5 Baths
1,952 SqFt
Status Active
MLS # 6723603
Property Type Single Family Residence
Price Type --
LAST HOME IN THE COMMUNITY! Close by end of the year. Former Model, Move in ready! Take advantage of great Builder Incentives. Welcome to Willis Commons, a beautiful, private, gated community of only 35 homes with fantastic amenities including Community Clubhouse with fitness room, green spaces, and play park with splash pad. Great Chandler location off the 202 and McQueen Road with nearby Paseo Canal Trail for biking and hikes. Easy access to everything Chandler and Gilbert offer and only 5 minutes from Downtown Chandler. The popular Arcadia plan design features 4 generous sized bedrooms, 2.5 bathrooms, plus 2 car garage. -out. Open kitchen with large island and granite counters include lots of cabinet and pantry storage, plus all stainless appliances included. Owner's suite is on main floor and has spacious attached bathroom with separate tile surround shower and soaking tub as well as a large walk-in closet. Convenient laundry room on the main floor with 3 additional bedrooms upstairs. Lots of architectural character outside and low maintenance size yard. An amazing well-designed new home that is practical yet feels so very luxurious.

16050 S 11th Place Phoenix, AZ 85048

$599,990
2 Beds
2.5 Baths
1,559 SqFt
Status Active
MLS # 6768886
Property Type Single Family Residence
Price Type --
Nestled in the sought-after Ahwatukee Foothills, this beautifully remodeled WATERFRONT home offers stunning lake and mountain views. The bright, open kitchen seamlessly connects to the living and dining spaces, leading to a tropical backyard and patio overlooking the water. Dual master suites come with private, updated bathrooms, including a spa-like step-in shower on the main floor. A versatile loft is perfect for a home office or gym. Located steps from the lakeside pool, spa, and walking paths. Updates include new windows, roof, AC, kitchen, baths, and more. Close to golf, hiking, and freeway access.

16373 W Morning Glory Street Goodyear, AZ 85338

$599,990 - 4Br/3Ba -  for Sale in Mirada Crossing, Goodyear
Open House
New
$599,990
4 Beds
3 Baths
2,510 SqFt
Status Active
MLS # 6787125
Property Type Single Family Residence
Price Type --
QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Lot large enough for a 8' gate. North/South exposure with landscaped area behind the home, so no neighbors. Brick pavers at drive, walk and entry, Multi slide door off the great room perfect for entertaining. Owner's bath has walk in shower with tile & floor surrounds. Stainless steel gas appliance package with a 30'' cooktop, wall oven, microwave and canopy good. Maple Slate-Gray cabinets with pull out trash drawer. AZT Terra guartz ''Linen'' countertops in kitchen and baths. Upgrade flooring includes Firenza 20x20 tile in all areas except for bedrooms and closets. 8' tall garage door with two remotes and so much more. Please verify all information with onsite agent. Thank you!

9807 W Cedar Drive Sun City, AZ 85351

$599,988
3 Beds
2 Baths
1,979 SqFt
Status Active Under Contract
MLS # 6747649
Property Type Single Family Residence
Price Type --
Professionally designed, professionally remodeled from the studs out, meticulously maintained, and lovingly lived in -on the inside this home is the next best thing to a new-build while on the outside it's a ''sleeper,'' retaining the timeless and unassuming charm of its established, original 55+ Sun City neighborhood. The owners had a vision to redesign this home as a vacation destination for their out-of-state family and friends. It was imagined and built to combine stunning visuals with both a casual and comfortable feel. It's practical for a retired couple of two, and equally as practical when all the kids (with all your grandkids) fly in. From 2016 through 2019, this home received the ultimate Cinderella make-over. Click on ''More'' for a sample of the exhaustive list of updates. New plumbing throughout; completely new electrical including recessed lighting and hard-wired smoke detectors to keep you safe; new drywall with rounded corners, high ceilings, and a beautiful Santa Fe texture that makes the walls look plastered; all one tile from the inside laundry room through the kitchen, closets and bathrooms to all three (or four) bedrooms; new bathrooms with uniquely designed, extra-large, travertine showers and chair-height toilets just to make life a little easier; new show-stopper expanded entertainer's kitchen with three ovens, a butler's pantry/laundry room with removable desk, and a 10 foot beverage center with built-in wine cooler, and a whopping 9-and-a-half foot by 5 foot quartz island and two quartz sinks; new dual-pane, Milgard windows; and a new roof with 38 panels of low $ leased solar on a contract that never goes up. Even the formal dining room has an added closet and removable built-in desk, so it can be used for a 4th bedroom, a den , or to sit the whole family for holiday meals. But wait, we still have the outdoor space: step through an over-sized sliding door from the kitchen, from the great room, or from the primary bedroom onto a vast (59'x14') covered patio large enough for five tables of eight, built-in cabinets, and a cornhole set up. There, your eye is immediately drawn to a stunning, propane heated, Pebble-tech pool with a salt system, an in-floor cleaning system, and a marble-topped, raised, and a huge 14-foot-long hot tub with spillway. This show-piece pool sits in an over-sized yard with 6-foot, stucco privacy wall, and it sits next to a gorgeous, granite-topped, 9 foot outdoor kitchen that includes a fridge and a 36 workstation sink with disposal. Finally, the two car garage also has room for up to two golf carts while an extra slab was poured next to the drive way to provide extra, off-street parking. If you're looking for a way to entice the kids to visit and/or a home professionally designed for entertaining, this home was built for you. You should come see.

7027 N Scottsdale Road Unit 237 Paradise Valley, AZ 85253

$599,950
3 Beds
2 Baths
1,472 SqFt
Status Active
MLS # 6745409
Property Type Apartment
Price Type --
Location.. Location.. Location.! Situated in the Scottsdale Resort Corridor, this RARE 3-bedroom split floor plan, 2 bath, 2nd level, Gated Luxury Condo is all on one floor. Gently lived in as a second home it comes complete with your own secure detached 1 car Garage, Community Pool, Spa & Fitness Center. All high quality, newer furnishings are available on separate bill of sale. You can Move-Right-In as it's available Turn-Key if you desire! Located adjacent to the McCormick Ranch golf course you'll be walking distance to fine and casual dining at the Seville Shopping Center and merely minutes to the Heart of Scottsdale including the new Paradise Valley Ritz Carlton, Scottsdale Fashion Square, Old Town Scottsdale, Kierland, the Scottsdale Quarter, and Salt River Fields at Talking Stick. Other features and highlights include; Spacious 10-foot ceilings Granite kitchen counters Included full size washer and dryer laminate wood and tile flooring throughout HOA Fees cover - water, sewer, trash 2 of the three bedrooms offer Large Walk-in closets Controlled Gated Entry Grill Areas McCormick Ranch Walking and Bike Trail

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