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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2942 S Sierra Heights Mesa, AZ 85212

$575,000

5 Beds

3 Baths

2,724 SqFt

Status Active

MLS # 6781940

Property Type Single Family Residence

Price Type --

Recently updated! This beautiful home in Skyline Park is move-in ready for your client! The backyard is an entertainer's paradise with a pebble-tech pool featuring a water slide, waterfall, and grotto, plus a pergola for shaded relaxation. The spacious kitchen boasts a granite island & countertops, stainless steel appliances, and a gas range. Additional highlights include a versatile downstairs suite with a full bath, ideal for guests or a home office, as well as an RV gate and a large side yard parking slab for extra toys. The home is conveniently located near community park and within the highly rated Gilbert School District. Nearby shopping, dining, and golf courses add to the appeal, creating an ideal setting for both entertaining and everyday living!

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3705 E Toltec Court Sierra Vista, AZ 85650

$575,000

5 Beds

3.5 Baths

3,595 SqFt

Status Active Under Contract

MLS # 6662115

Property Type Single Family Residence

Price Type --

This beautiful, spacious 5BD/3.5BA/3CG, 3595 sq ft home is located in Sierra Vista, AZ near Fort Huachuca, Canyon Vista Medical Center, shopping, and schools. This home has a stunning kitchen with granite countertops, two large living areas, travertine tile floors, and a spacious backyard! The home is all electric and includes a double oven, two a/c units, two septic tanks, and a spacious garage. This home is the definition of space and comfort! Call today!

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27967 N Limestone Lane San Tan Valley, AZ 85143

$575,000

6 Beds

4 Baths

3,751 SqFt

Status Active Under Contract

MLS # 6731914

Property Type Single Family Residence

Price Type --

Priced BELOW appraised value. Recently appraised at $613K. Discover your dream home with a breathtaking backyard oasis, complete with picturesque mountain views and no rear neighbors, ensuring your privacy. This immaculate 6-bedroom, 4-full bath residence is set on a generous 1/3-acre lot. The outdoor haven features a dive pool, with vibrant LED color lighting, perfect for year-round enjoyment, thanks to the Jandy Pro Series heating and cooling pump. Relax under the pergola and take in the serene landscape. 2nd floor has 5 oversized beds & 3 full baths PLUS LOFT. Saves on utilities. Recent updates include remodeled bathrooms in 2023 and a kitchen remodel in 2024, including a secondary island install! This home is sure to be one you will love for years to come! Inside, the first floor offers a versatile layout with a bedroom and full bath, including a therapy tub/spa for ultimate relaxation. Entertain in the formal living and dining rooms, or gather in the cozy family room. The 2024 kitchen remodel featuring a double island and walk in pantry are a chef's delight. Conveniently, the laundry room is also located on this level. Ascend to the second floor, where you'll find five additional bedrooms, three full baths, and a loft area, providing ample space for family and guests. The oversized master suite is a true retreat, capable of accommodating any sized furniture, and offers stunning backyard and mountain views. The luxurious master bath features a walk-in shower, double sinks, and an expansive walk-in closet. This home has seen some recent upgrades including a 2024 kitchen remodel as well as 2023 Bathroom Remodels. Don't miss the opportunity to own this exceptional property, where luxury and comfort blend seamlessly with beautiful natural surroundings.

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7231 W Lone Cactus Drive Glendale, AZ 85308

$575,000

4 Beds

2 Baths

2,080 SqFt

Status Active Under Contract

MLS # 6731707

Property Type Single Family Residence

Price Type --

Back on the market! Buyer could not meet their contingency. **MOTIVATED SELLER** This meticulously maintained 4-bed, 2-bath home in the desirable Sierra Verde neighborhood, within Arrowhead Ranch, is ready for you to make it your own. Spacious bedrooms and ideal for entertaining. The kitchen & family room create a central hub, formal living and dining areas offer a touch of elegance. Large backyard with mature trees & oversized grassy area, perfect for gatherings or simply relaxing under the Arizona sky. This home boasts a recently replaced AC unit (2023) and a newer water heater, ensuring worry-free comfort. A+ Schools, lakes, walking paths, close to 101, golf, restaurants, shopping & sports complexes. Don't miss your chance to own this gem in a sought-after neighborhood

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5095 N Grand Drive Apache Junction, AZ 85120

$575,000

3 Beds

2 Baths

1,705 SqFt

Status Active Under Contract

MLS # 6733476

Property Type Single Family Residence

Price Type --

Enjoy awesome Goldfield and Superstition Mountain views from this 3 bedroom, 2 bath home situated on 1.25 acre. The open floor plan is enhanced with lots of natural light, vaulted ceiling and tile floors. Kitchen is complete with ample cabinets, granite counters, center island, wine bar and all appliances. Master suite offers large walk-in closet, spacious tile shower, dual vanities and exit to the extended front patio...A perfect place to enjoy amazing sunrises and sunsets while relaxing in the hot tub. The block fencing ensures privacy and defines multiple areas for additional garage space, horse facilities or room to roam.

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1065 W Road 2 -- Chino Valley, AZ 86323

$575,000

3 Beds

2 Baths

2,305 SqFt

Status Active Under Contract

MLS # 6738551

Property Type Manufactured Home

Price Type --

Welcome to your own slice of heaven. This gorgeous fully fenced 2.5 acre corner lot is what your dreams are made of ! Freshly painted home is 2300' of complete luxury with a country charm. Upgraded carpet and flooring throughout, new SS appliances, stunning quartz countertops w/ large island, insta hot, central vacuum, new heat pump A/C. Upgraded insulation pkg., Property has good producing well with filtration system, landscaped yard with rear yard fencing and oversized 3car garage w/ automatic gate access and concrete driveway. Bring your animals and your toys ! you don't want to miss this one.

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725 W Palo Verde Street Gilbert, AZ 85233

$575,000

5 Beds

3 Baths

2,501 SqFt

Status Active Under Contract

MLS # 6741137

Property Type Single Family Residence

Price Type --

Wonderful 5 bed, 3 bath home with pool in prime Gilbert location! Top features include: high ceilings in family room, beautiful stone feature wall in dining room, wood burning fireplace in living room off the kitchen, newer SS appliances in the kitchen, bedroom & full bathroom on main level, 3 oversized bedrooms upstairs, huge primary suite w/ jetted soaking tub & tiled walk-in shower, and all rooms have blinds & ceilings fans. Backyard offers a covered patio, entertainers area w/built-in table, seating around firepit, BBQ area, & a built-in chiminea. Pebble tec pool is fenced & has a variable speed pump, and large grassy area as well. All of this just a couple miles from Downtown Gilbert, highway access, restaurants, shopping, hospitals, and so much more. Make it yours today!

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2760 S Seton Avenue Gilbert, AZ 85295

$575,000

4 Beds

2.5 Baths

2,274 SqFt

Status Active Under Contract

MLS # 6741953

Property Type Single Family Residence

Price Type --

This enchanting 4-bedroom home in the serene Chaparral Estates is the one for you! This home is sure to check all the boxes, boasting a 3 car garage, split floor plan, high ceilings and a corner lot! As you enter, the living room sets a warm ambiance for relaxation. Host festive meals in the formal dining area and make memories in the spacious great room.The kitchen features rich wood cabinets, built-in appliances, a pantry, expansive counters, and a center island with a breakfast bar. Retreat to the expansive main suite, accessible via double doors, featuring a private bath with dual sinks, a soaking tub, and a walk-in closet. Outside, the covered patio and lush grassy area offer a perfect setting for outdoor enjoyment. This home is truly a treasure, ideal for creating cherished moments! Recent updates include fresh interior paint, brand new carpet in all of the bedrooms, and 2 new AC units! Location is A+, walking distance to one of the schools, nearby the San Tan Village and Agritopia ! MUST SEE!!

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19052 N 39th Way Phoenix, AZ 85050

$575,000

3 Beds

2 Baths

1,992 SqFt

Status Active Under Contract

MLS # 6761701

Property Type Single Family Residence

Price Type --

*** FREE 1% RATE BUYDOWN AVAILABLE FOR THE FIRST 12 MONTHS*** Step into this beautifully maintained single-level home nestled in the sought-after Trovare community. From the moment you arrive, you'll appreciate the low-maintenance front yard and expansive driveway with room for three cars. Inside, the spacious living room welcomes you with warmth, while a charming office space, tucked behind elegant French doors, provides the perfect setting for productivity. At the heart of the home, a cozy gas fireplace with a striking stone hearth draws your attention, seamlessly complementing the stunning stone-wrapped kitchen island, ideal for gatherings of any kind. Down the hallway, you'll discover three generously sized bedrooms, offering comfort and privacy for all. The backyard is an an oasis of tranquility, where you can savor peaceful sunsets amidst lush natural grass and mature landscaping. This home truly has it all, space, style, and serenity!

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116 S Arizona Avenue Prescott, AZ 86303

$575,000

3 Beds

2 Baths

1,320 SqFt

Status Active

MLS # 6739131

Property Type Single Family Residence

Price Type --

Your fully remodeled home in downtown Prescott awaits! Only a half mile from the court house square you will find this updated home boasting a new roof; all new windows; all new flooring; all new kitchen cabinets and granite counters; all new appliances; new heating and central air; fully remodeled bathrooms; new stucco exterior; and all new paint inside and outside. Ample off street parking combined with a detached 1 car garage would make this a great second home with endless rental possibilities due to being walking distance to the Courthouse Square; tennis courts, and soccer field across the street; and only 3 blocks from the famous Mt Vernon Street!

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7425 W Willow Avenue Peoria, AZ 85381

New

$575,000

6 Beds

3 Baths

3,596 SqFt

Status Active

MLS # 6786127

Property Type Single Family Residence

Price Type --

Discover your dream home in the heart of Peoria, offering a perfect balance of space, style, and convenience. This spacious 3,596-square-foot residence features six bedrooms, three bathrooms, and a three-car garage with built-in cabinets, plus an RV gate for additional convenience. Located close to top-rated schools, shopping, dining, and freeway access, this home offers both comfort and accessibility. Inside, the bright and open layout includes a large living room and formal dining area, perfect for gatherings. The open eat-in kitchen is a chef's dream, boasting a breakfast bar island, pantry, stainless steel appliances, and plenty of counter and storage space. Adjacent to the kitchen, the family room provides a cozy setting with sliding glass doors leading to the backyard, creating seamless indoor-outdoor living. A downstairs bedroom offers flexibility for guests, in-laws, or a home office, while the upstairs features the primary suite and additional spacious bedrooms to suit every need. Step outside to a backyard designed for relaxation and entertainment, featuring a Pebble-Tec diving pool and a covered patio ideal for outdoor dining. The large yard provides plenty of space for activities or simply soaking up the Arizona sun. With its generous space, thoughtful design, and prime location, this Peoria gem is ready to become your forever home!

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2717 W Gila Lane Chandler, AZ 85224

$575,000

4 Beds

3.5 Baths

2,587 SqFt

Status Active

MLS # 6778601

Property Type Single Family Residence

Price Type --

Beautiful two story stucco home featuring a double ensuite floorplan, with one bedroom and a full bathroom located downstairs. Upstairs you will find a primary suite and two more bedrooms. Living area features vaulted ceilings, bay windows, plenty of natural light, and wood-burning fireplace in family room. Eat-in kitchen is complete with stainless steel appliances, tiled backsplash, plenty of cabinet and counter space, breakfast bar, recessed lighting, and picture windows with a perfect view of the backyard and swimming pool. Located in a highly desirable Chandler neighborhood with no HOA, and within walking distance to Amberwood Park and Chandler Traditional Academy-Goodman Campus. This home has a lot of potential! Come see it today!

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