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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15035 S 178th Drive Goodyear, AZ 85338

$560,000

3 Beds

2 Baths

2,124 SqFt

Status Active

MLS # 6731532

Property Type Single Family Residence

Price Type --

Welcome to your stunning new 3-bedroom, 2-bathroom home in the sought-after Estrella Mountain at Vidrio by Landsea. This High Performance Home offers breathtaking mountain views and a chef's kitchen with endless counter space, walk-in pantry, 42'' Dusk shaker cabinets, hexagon backsplash, stainless steel appliances, and white quartz countertops. With 9ft ceilings and plenty of windows, the home is filled with natural light, creating a bright and airy atmosphere. Modern design touches and the latest in-home technology ensure a stylish and efficient living experience. Don't miss out - this gem won't be on the market for long!

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8345 E Oak Street Scottsdale, AZ 85257

$560,000

3 Beds

2 Baths

1,305 SqFt

Status Active

MLS # 6751765

Property Type Single Family Residence

Price Type --

Come check out this lovely remodeled home in Old Town Scottsdale! Cosmetic and functional updates throughout with a beautiful real grass backyard! Updates include a new roof in 2022, upgraded electrical system, new water main, new drainage system, fresh interior and exterior paint, new flooring throughout, renovated bathrooms, dual-pane windows and doors, updated paneled wall. Added Bonus you can jump on the Scottsdale Trolley right across the street! It's free to ride and will take you to numerous set locations. From Dr.s Appts, to school, into town and more! Come see what this beautiful home has to offer!!

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33376 N Jamie Lane San Tan Valley, AZ 85144

$560,000

5 Beds

3 Baths

3,251 SqFt

Status Active

MLS # 6766205

Property Type Single Family Residence

Price Type --

Welcome to this stunning 5-bedroom, 3-bathroom, 2-story home in a vibrant community offering breathtaking mountain views! With 3,251 sq. ft. of expansive living space, this home features a den, loft, and plenty of room for everyone. The airy and bright interior boasts tall ceilings, neutral paint, and huge low-e dual-pane windows that flood the space with natural light. The upstairs primary suite includes a full bathroom. The kitchen features granite countertops, a walk-in pantry, a kitchen island, formal dining space, and a breakfast bar. Step outside to the covered patio, is perfect for unwinding as you overlook the sparkling saltwater heated pool, grassy backyard and stunning mountain scenery. The community offers fantastic amenities, including a playground, clubhouse, pool, and more

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22459 E Calle De Flores -- Queen Creek, AZ 85142

$560,000

4 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6761841

Property Type Single Family Residence

Price Type --

Perfectly situated in the highly sought after family friendly community of Meridian in Queen Creek, you'll find this stunning 4 bedroom, 2 bath home which boasts luxurious upgrades and amenities. This home features an open layout, perfect for entertaining, with high ceilings and plenty of natural light streaming in from the three sliding glass doors leading in the beautiful backyard with your own pool, citrus trees, & view fence, with no neighbors directly behind! Inside, enjoy the gourmet kitchen with stainless steel appliances, granite countertops, walk in pantry and convenient island/breakfast bar. The primary suite features upgraded bathroom with a walk in shower and a comfortable soaking tub. The remaining bedrooms are spacious and inviting with a shared bathroom

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18926 N 259th Avenue Buckeye, AZ 85396

$560,000

2 Beds

2 Baths

1,907 SqFt

Status Active

MLS # 6769286

Property Type Single Family Residence

Price Type --

This Haven model comes furnished with a heated pool, solar and a lot more. Located on the mountain side of Sun City Festival, the area's premier 55+ active adult community, you can move right in and start enjoying a vibrant lifestyle with incredible amenities. This home features well over $200,000 in furnishings, builder, and homeowner upgrades. It's 1,907 sf includes 2 bedrooms, 2 baths and a den. Interior upgrades include French doors with sidelights at the den, a built-in entertainment unit, 8-foot doors, SS gas cooktop, upgraded charcoal-colored cabinets, granite, fixtures, lighting and electrical. The back patio includes roll-down sunshades and awnings. The side patio features a wall, gate, and pergola. The tandem garage includes built-in shelving, epoxy floors and soft water system.

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1516 E Dublin Street Gilbert, AZ 85295

$560,000

3 Beds

3.5 Baths

2,152 SqFt

Status Active

MLS # 6766388

Property Type Single Family Residence

Price Type --

Enjoy Arizona's heavenly weather and fun entertainment in this gorgeous move-in ready home! After being welcomed in by the lovely paved & turfed yard, this immaculate home has a spacious feel with light color tones. This newer 2020 build consists of all 3 bedrooms with their own ensuite restrooms and walk-in closets!!! Tons of storage space throughout, a convenient half bath downstairs and upstairs laundry. Just minutes away from the freeway, downtown Gilbert, and San Tan Village...This gorgeous and peaceful community comes with a heated pool for your enjoyment. What a dream! Even all the furnishings available on a separate bill of sale!

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7832 E Osage Avenue Mesa, AZ 85212

$560,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6782211

Property Type Single Family Residence

Price Type --

This spacious family home features four large bedrooms and two bathrooms within 2,313 square feet, including a front living room and a separate family room that opens to the kitchen. The eat-in kitchen boasts ample oak cabinetry, granite countertops, stainless steel appliances, a tile backsplash, a center island, and a sizable walk-in pantry. Sliding doors open to the covered patio and expansive backyard, which includes a private pool and the privacy of no neighbors behind. The generous primary bedroom offers a double door entry, a private backyard exit, and an en-suite bathroom with a dual sink vanity and a shower. Additional highlights include tile and laminate floors, vaulted ceilings, water softening and reverse osmosis systems, and a two-car garage with cabinets.

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2114 S El Marino -- Mesa, AZ 85202

$560,000

3 Beds

2 Baths

1,822 SqFt

Status Active

MLS # 6769790

Property Type Single Family Residence

Price Type --

Remodeled home in prime location! New luxury vinyl flooring and baseboards, new carpet*Gormet kitchen with new stainless appliances, quartz countertops, modern wood shelving, recessed lighting, white shaker cabs, pendant lighting, large island with breakfast bar and extra storage, built in microwave all open to a dining/living room perfect for entertaining*Oversized master bedroom w/private exit to backyard, oversized closet*New bathroom vanities in both bathrooms*Cozy wood burning fireplace*Picture windows throughout bringing in natural sunlight*Freshly painted inside and out*New landscaping*Peaceful atrium with private access from the bedrooms and entrance*New fans/fixtures/interior doors*

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11016 W Harrison Street Avondale, AZ 85323

$560,000

5 Beds

3 Baths

2,720 SqFt

Status Active

MLS # 6774304

Property Type Single Family Residence

Price Type --

Coming soon! Discover this stunning Tourmaline home with an expansive, inviting backyard featuring pavers, artificial turf, and ample space for outdoor living. This beautifully designed home offers a convenient downstairs bedroom and full bath, perfect for a guest suite. An entertainer's dream, it boasts a spacious open-concept great room ideal for hosting gatherings. The modern kitchen shines with quartz countertops, 42'' cabinets, and a sleek, stylish design perfect for cooking and entertaining. Walking distance to the Avondale Aquatic Center! Don't miss this opportunity to own a beautifully crafted home with impressive features inside and out!

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4037 E Marshall Avenue Gilbert, AZ 85297

$560,000

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6774788

Property Type Single Family Residence

Price Type --

Don't miss this single level 4 bedroom home in the desirable Power Ranch neighborhood in Gilbert. This home has been lovingly taken care of and upgraded throughout. Enjoy summer days in the sparkling pool and beautifully landscaped backyard. Power Ranch neighborhood offers gorgeous parks, community pools, and walking/biking trails. Located in Higley Unified School district with highly rated schools. You will love everything about this home and neighborhood.

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4518 E Ivanhoe Street Gilbert, AZ 85295

$560,000

4 Beds

2.5 Baths

2,426 SqFt

Status Active

MLS # 6776195

Property Type Single Family Residence

Price Type --

Welcome to this charming 4-bedroom, 2.5-bath, 2 Car garage w/ Huge backyard, Full of potential! Situated in a sought-after area of Gilbert, this property features a spacious layout with plenty of room for family living and entertaining. While it hasn't been updated, its solid structure and care make it an excellent canvas for your personal touches. Enjoy the convenience of nearby schools, parks, and local amenities in this friendly neighborhood. Being sold as-is, this home offers a unique opportunity for buyers ready to invest in their vision. Don't miss the chance to turn this well-kept house into your dream home!

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5028 E Roy Rogers Road Cave Creek, AZ 85331

New

$560,000

2 Beds

2 Baths

1,227 SqFt

Status Active

MLS # 6779786

Property Type Single Family Residence

Price Type --

Don't miss out on this updated home in Tatum Ranch on a quiet street. Home has a brand new roof, fresh paint on interior and exterior, hardwood flooring throughout, renovated bathrooms, new lighting, new Anderson windows, new landscaping in front yard, new drip system, added a BBQ Grill, R/O system, new blinds in each room, epoxy garage floor and so much more! Home is in meticulous condition, and perfect for the second home located so close to North Scottsdale shopping, horse back riding barns, Mayo Clinic, Desert Ridge, and 101 freeway access. Charming backyard has built-in gas BBQ Island, and firepit. Office/Den is the perfect size to make a 3rd bedroom if needed. Inquire about costs, we have a plan all ready for you! Ready for you to move into!

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