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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28619 N 152nd Street Scottsdale, AZ 85262

$650,000

3 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6831163

Property Type Single Family Residence

Price Type --

Spacious 3-bedroom, 2-bath home situated on a large 1.25-acre horse property with breathtaking mountain views. This custom territorial-style home offers the perfect blend of comfort and charm. The kitchen is a standout feature, with beautiful alder cabinetry, a pantry, a kitchen island, and windows that allow you to enjoy stunning views while you cook! The open floor plan creates a bright and welcoming atmosphere, with a cozy wood-burning fireplace in the great room, perfect for those cooler evenings. With a desirable split floor plan, this home includes a generous master suite with a large walk-in closet. All roads are paved, and the property uses a shared well.

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19700 N 76th Street Unit 2044 Scottsdale, AZ 85255

$650,000

2 Beds

2 Baths

1,729 SqFt

Status Active

MLS # 6823851

Property Type Apartment

Price Type --

Dreams come true with this beautiful move-in ready upscale Condo in the sought-after Village at Grayhawk. This desirable private upstairs End Unit offers two Bedrooms plus a Den. The Kitchen and both Bathrooms are highly upgraded with Samsung Appliances and custom Design. This amazing Condo offers rare Storage Closets and Cabinets, a large Laundry Room and a two Car Garage. It is conveniently located close to one of three Community Pools, the Fitness Center and the second Gate. Hiking and Biking Trails, Park Areas, Grayhawk Golf Course and Upscale Shopping are nearby.

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6565 E Thomas Road Unit 1091 Scottsdale, AZ 85251

$650,000

3 Beds

2 Baths

1,569 SqFt

Status Active Under Contract

MLS # 6805088

Property Type Townhouse

Price Type --

Welcome to Diamante, a gated community where luxury meets convenience. This pristine 3-bedroom, 2-bathroom townhome offers an open-concept design with a spacious kitchen, dining area, and great room, ideal for entertaining or relaxing. The primary suite is a serene retreat, featuring dual vanities, a luxurious soaking tub with custom tile surround, a separate shower, and a large walk-in closet. Two additional bedrooms are thoughtfully positioned for privacy. The secondary bathroom has dual vanities and a shower/tub combo. Enjoy stunning Arizona sunrises from the two private balconies (one in main living room and one in the primary bedroom), adding a peaceful touch to your mornings. This home also includes the rare convenience of an attached 2-car garage. The community is designed for resort-style living, with two sparkling pools (one heated in the winter), a year-round hot jacuzzi, and multiple gas grills for entertaining. Walking paths with water features and benches to read a lovely book. Perfectly situated, Diamante is just minutes from Old Town Scottsdale, Arcadia, and Phoenix Sky Harbor Airport. Explore a vibrant lifestyle with easy access to premier dining, shopping, world-class golf courses, hiking trails, Spring Training Baseball, and much more.

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1618 W Culver Street Phoenix, AZ 85007

$650,000

3 Beds

2 Baths

1,754 SqFt

Status Active

MLS # 6811751

Property Type Single Family Residence

Price Type --

Stunning 1,754 sq. ft., 3-bedroom, 2-bath custom home with detached garage in the highly desired F.Q. Story Historic District. A rare new build for the area, completed in 2014, this home combines historic charm with modern construction. Meticulously maintained by its only two owners, it features solar panels, EV charging, a gazebo, and low-maintenance artificial turf. Inside, warm wood floors, great room, and a gorgeous kitchen with white cabinetry and quartz countertops. The spacious primary suite offers a walk-in shower, dual sinks, and ample storage. Garage includes ample storage space. Minutes from downtown, dining, shopping, and Sky Harbor Airport, this is an excellent opportunity to own a newer home with modern amenities in one of Phoenix's historic and most desirable Neighborhood!

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2571 N Miller Road Scottsdale, AZ 85257

$650,000

3 Beds

2 Baths

1,717 SqFt

Status Active

MLS # 6815205

Property Type Townhouse

Price Type --

Discover this fully remodeled townhome in the heart of Old Town Scottsdale. Just minutes from vibrant restaurants and shopping, this home boasts a spacious, open floorplan with a grand great room and soaring beamed ceilings. Enjoy direct access to the greenbelt, offering 20 miles of scenic biking and hiking paths, and take advantage of the brand new Frigidaire appliances in the kitchen. Plus, its just steps away from a beautiful association-owned pool, with low association fees and no rental restrictions, and priced below market to sell fast! Walking distance to Coronado Golf course. Public golf course with no tee times required and nightly happy hours!

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505 N Ladera Trail Prescott, AZ 86305

$650,000

2 Beds

2 Baths

1,605 SqFt

Status Active Under Contract

MLS # 6815879

Property Type Single Family Residence

Price Type --

Escape to this secluded cedar-sided cabin nestled on 2.22 acres, offering total privacy and bordered by the Prescott National Forest. Surrounded by towering Ponderosa pines, this 2 bedroom, 2 bathroom home includes a versatile office/den that can easily serve as a 3rd bedroom with its own private entrance. Spanning 1,604 square feet, the home features cozy wood floors and a wood-burning fireplace, perfect for warming up on cool nights while you unwind in the peaceful forest setting. This property has been lovingly maintained as a part-time retreat and provides a rare opportunity to embrace a simple, tranquil lifestyle. The home is supplied by hauled water, with a 2500 gallon storage tank located in the crawl space. With ample privacy, plenty of space to roam, and direct access to hiki to hiking and outdoor activities in the nearby forest, this cabin offers everything you need to reconnect with nature. It's your chance to own a slice of Arizona paradise. All Wheel Drive Vehicles Recommended.

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52106 W Cloud Road Aguila, AZ 85320

$650,000

3 Beds

2 Baths

1,376 SqFt

Status Active Under Contract

MLS # 6814578

Property Type Manufactured Home

Price Type --

This stunning 2022-built home is situated on just over 5 acres and has barely been lived in— the dishwasher has never been used! Featuring 3 spacious bedrooms and 2 bathrooms, the home offers generous closet space, with both spare bedrooms equipped with walk-in closets. Enjoy year-round comfort with central heat and air conditioning, and a large kitchen island perfect for both cooking and entertaining. The property itself is equally impressive, boasting a clean, well-organized layout that's perfect for your equine needs. The horse setup is meticulously designed, featuring 6 expansive 30x40 ft pens, each with in-and-out gates at both the front and back and a water spigot at every pen. The tack room/storage has electricity running to it for extra convenience, and flood lights provide ample illumination for the pens and parking area. Additionally, there are two 30-amp hookups and one 50-amp hookup, all with power, sewer, and water connections, making it perfect for RVs or other electrical needs. A private driveway leads you to the front of the property, with a quiet country road at the rear. Half of the property is fully fenced, while the other half is a blank canvas, ready for you to create your dream arena or any other additional projects!! This home is a DREAM!

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11933 N 140th Lane Surprise, AZ 85379

$650,000

5 Beds

4.5 Baths

4,135 SqFt

Status Active

MLS # 6822202

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the sought-after Kenly Farms neighborhood of Surprise! This spacious 5-bedroom, 4.5-bathroom home spans an impressive 4,135 sq ft, offering plenty of room to live, entertain, and relax. Step inside to an open-concept floor plan that seamlessly connects the living spaces. The formal dining room sets the stage for memorable gatherings, while the den offers the perfect spot for a home office or playroom. Upstairs, a large loft provides even more versatile living space, and the primary suite includes a private balcony, perfect for enjoying your morning coffee. Cozy up by the fireplace in the living room, or head outside to your backyard oasis, complete with a sparkling pool—ideal for those hot Arizona summers! Storage is no issue here, with plenty of closets and built-ins throughout, plus a 3-car tandem garage to fit all your vehicles and tools. This home truly has it allspace, style, and an unbeatable location. It's a wonderful place to call home.

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660 E 1st Avenue Mesa, AZ 85204

$650,000

6 Beds

4 Baths

2,455 SqFt

Status Active

MLS # 6831323

Property Type Single Family Residence

Price Type --

Two houses with three separate units on corner lot! The main house has 1750 sqft and the secondary house has 750 sq ft. What an incredible opportunity to live in the main house consisting of 3 bedrooms/2 bathrooms/2 carport spaces while collecting Airbnb rental income from the attached 1 bedroom/1 bathroom guest house AND long-term rental income from the 2 bedroom/1 bathroom secondary home (separate address for guest house 68 S. Ashland). Both homes have their own private front and backyards, laundry inside, and separately metered for electric, gas, water, trash, and sewer. Total gross income of all units are rented out is about $4600+/month. The main home has been freshly painted and ready for the new owners to start moving in The roof is about 8 years old while the AC's are 7 years old in the main house and 1 year old in the smaller secondary homeBoth hot water heaters are from 2023. In addition there is a finished basement with extra storage not included in the sq ft. Come take a look!

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1777 N Rustler Trail Camp Verde, AZ 86322

$650,000

6 Beds

4 Baths

2,761 SqFt

Status Active

MLS # 6831431

Property Type Single Family Residence

Price Type --

Inviting Home Nestled Among Pecan Trees and Grass Yard. This Home Sits on 1.35 IRRIGATED Acres with (EUREKA DITCH). Main House is a Big 1,925 Sq Ft. Featuring 4 large Bedrms with 3 Full Baths & a Large Living Rm that Includes a Pellet Heating Stove. Also Featuring a Big GUEST HOUSE that is 836 Sq Ft with 2 Bedrooms & 1 Bath. This Would be an Excellent Mother-in-Law Set-up w/(privacy) or VRBO. This Fenced HORSE PROPERTY has Covered Open Stalls & TACK/HAY ROOM. Also Includes Owned Solar System, a Private Well, 2 Septic Systems that Services Both the Main & Guest House. This Home sits on a Great Location (Green belt) near the Verde River. Quiet Neighborhood w/Lots of Trees. Easy Access to I-17 & Located Conveniently Between Flagstaff, Camp Verde, Cottonwood, Payson, Sedona & Prescott, Arizona. Commuting Distance to Phoenix approx. 85 miles. This Home has a Lot to Offer w/Lots of Potential!! Don't Wait to See It!

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20386 E Bronco Drive Queen Creek, AZ 85142

$650,000

3 Beds

2 Baths

2,042 SqFt

Status Active

MLS # 6824847

Property Type Single Family Residence

Price Type --

This is western living at its finest. Live in a charming neighborhood of custom homes & walk to the stables where you board your horse. Will Rogers Equestrian Ranch caters to horse enthusiasts, however, owning a horse is not a requirement to live here. There are other amenities to enjoy: the club house, sport courts, sparkling community pool, mountain views, & great walkability to shopping, dining & entertainment. This home on Bronco Dr is spectacular! 3 bedroom 2 bath + great room + extra garage space + RV gate, gorgeous home in the heart of The Will Rogers Equestrian Ranch. Immaculate and ready to move in.

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348 E Cairo Drive Tempe, AZ 85282

$650,000

3 Beds

2 Baths

2,281 SqFt

Status Active

MLS # 6826835

Property Type Single Family Residence

Price Type --

A perfect blend of space and flexibility in this conveniently located North Tempe home, just half a mile from ASU, and excelling schools. Originally a 4 bedroom, this home has been converted into a 3-bedroom with an office, with the potential to revert back to four bedrooms. Extra large primary bedroom with access to a large backyard with a garden and pool. Enjoy a prime location just minutes from downtown Tempe, restaurants, shopping, and entertainment. Whether you're strolling along Mill Avenue, catching a game at Sun Devil Stadium, or exploring Tempe Town Lake, everything you need is right here. Plus, with Sky Harbor Airport, downtown Phoenix, and Old Town Scottsdale just a short drive away. New AC and furnace 2019, New sewer line 2021, insulation added in 2018, New pool filter 2021

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