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.

Click Here to See What Your Home is Worth

14213 N 34th Way Phoenix, AZ 85032

$549,900
3 Beds
2 Baths
1,695 SqFt
Status Active Under Contract
MLS # 6759900
Property Type Single Family Residence
Price Type --
Beautiful 3 bed, 2 bath home in a great Phoenix location! Its charm starts with a desert front yard, RV gate w/epoxy slab, and a 2-car garage w/cabinets. Enter to find a large great room, tons of natural light, vaulted ceilings that add to the airy feel, and wood-look flooring w/soft carpet in all the right places. The kitchen boasts SS appliances, granite counters, recessed lighting, & self close wood cabinetry. The large bonus room offers flexibility in use as an oversized pantry or mud room. A Spacious Hall bath is easy access for guests. The Master has a private bathroom for added comfort! If entertaining is on your mind, the large backyard awaits! A covered patio, artificial turf, grassy area, & a refreshing pool, promises year-round enjoyment! Oversized shed in the back as well! Close to Paradise Valley Mall, Desert Ridge, easy freeway access, Ending with a quiet neighborhood and a great school district to top off this great property. This Gem wont last! Remodeled/Redone in 2022: Rough electrical, Plumbing, roof, HVAC, ductwork, drywall, paint/stucco, Kitchen, Bathrooms, Added Spray Foam Insulation, Retracting motorized front blinds. epoxy RV parking area, Extra storage in shed and garage cabinets, artificial grass sitting area, Redone cool deck and pool resurface. Soft Water loop and reverse osmosis, even an attic pull down entry in the garage. See agent for more details! Even an Oversized lot for the area! Come and see!

1342 W Bartlett Way Chandler, AZ 85248

$549,900
3 Beds
2 Baths
1,807 SqFt
Status Active
MLS # 6775193
Property Type Single Family Residence
Price Type --
Welcome to this beautifully updated 3-bedroom, 2-bath single-story home in the highly sought-after Ocotillo Lakes community of Chandler. This spacious 1,800 square foot home boasts a fresh, modern feel with new interior paint, brand-new carpet, and stainless steel appliances. The kitchen and bathrooms are highlighted by elegant granite countertops, adding both style and functionality. The vaulted ceiling in the main living area enhances the open, airy feel, while new ceiling fans and light fixtures throughout provide added comfort and ambiance. Step outside to a large covered patio, which spans the width of the home and offers private access from the primary bedroom—a perfect space for outdoor relaxation or entertaining. Additional features include a cozy fireplace, central vacuum system, water softener, and a 2-car garage. Situated in a prime location within Ocotillo Lakes, this home offers a balance of modern upgrades and community charm, making it the ideal place to call home. Don't miss out on this move-in-ready gem!

37736 N Bridlewood Lane San Tan Valley, AZ 85140

$549,900
5 Beds
3 Baths
1,960 SqFt
Status Active
MLS # 6775469
Property Type Single Family Residence
Price Type --
New Build in Combs Ranch on the last HUGE LOT is now available! This new home that has never been lived in and features an open floor-plan, amazing kitchen with Shaker Style cabinets, Stainless Steel Appliances with gas range and Quartz counter-tops with decorative tile back-splash, this new build has 5 bedrooms and 3 Full bathrooms, primary bedroom is large and the primary bathroom has dual sinks with 2 linen closets with large walk-in shower and a HUGE walk-in closet, new tile flooring, new paint, new carpet, new LED lighting throughout and much much more. The lot is HUGE with endless options for a pool, grass area, sitting area and more. Location is ideal with shopping, restaurants and the LG manufacturing plant only 2 miles away! This one will sell fast!

6353 S Adobe Drive Chandler, AZ 85249

$549,900
3 Beds
2 Baths
2,054 SqFt
Status Active
MLS # 6777869
Property Type Single Family Residence
Price Type --
Meticulously cared for 3 bedroom 2 bath home on a spacious corner lot! Formal dining area/den, exceptionally large great room with skylights and spacious kitchen with upgraded cabinets, corian countertops, oversized island, pantry, R/O system, and large eat-in-dining area with breakfast bar. Generous sized primary suite with updated shower, separate tub, private toilet room, dual vanity and a huge walk-in closet with built-ins. Oversized garage with built-in cabinets. BEAUTIFUL low maintenance backyard complete with a Pebbletec pool, covered patio, and small grassy area. HVAC unit replaced in 2022. Priced to sell!!

6236 Barn Owl Avenue Prescott, AZ 86305

$549,900
3 Beds
2 Baths
1,697 SqFt
Status Active Under Contract
MLS # 6733061
Property Type Single Family Residence
Price Type --
This stunning home is turnkey ready... with the entire existing complement of furniture, appliances and furnishings (interior and patio) going to the buyer. The home has outstanding curb appeal, features an OPEN floor plan, Upgraded baths, a Wow kitchen, and a Wow back yard! It is a meticulously maintained & beautifully upgraded home, arguably surpassing new construction in every way! The Montana floor plan's open, spacious, split-bedroom design is perfect for modern living. The kitchen features granite & quartz counters, stainless steel appliance package, & upgraded cabinetry. The backyard is a retreat featuring a stunning floral garden, view of Granite Mountain and backs to a beautiful park. Great location: 3 min to Antelope Hills Golf, and 7 min to Willow Creek Beneful Dream Dog Park. The master suite is a retreat with a custom barn-door that separates the master bedroom from the luxurious spa-like master bath... which includes dual raised-height vanities with quartz counters, stylish tile-inset walk-in shower, and a walk-in closet. The home features vaulted ceilings, beautiful lighting throughout and plantation shutters on all windows. The home has wood plank tile floors throughout, with the exception of the bathrooms which both feature Santa Barbara tile floors. Additional features include added storage in the hallway leading to the guest wing, custom upper cabinets in the laundry room, along with a washer and dryer, and an extra deep utility sink. The backyard has been completely customized with an extended paver patio, remote controlled extendable awning, artificial turf, and a beautiful floral garden-scape featuring Desert Willow, Crape Myrtle, Orange Trumpet, Rose of Sharon, Buddleia, Butterfly, Honeysuckle, Lavender and more - stunning! This home is situated on a prime homesite, backing to a coveted common area park for added privacy and a view of Granite Mountain. This stunning home has outstanding curb appeal, with custom stack stone accents on the facade, an elegant paver walkway leading to the front door, and beautiful mature foliage. An enclosed porch with a security screen door welcomes you into this inviting home. The garage has been updated with epoxy flooring, an 8' insulated overhead door, a WiFi-enabled opener, and added extensive custom storage cabinets.

3218 N Ravine -- Mesa, AZ 85215

$549,900
3 Beds
2 Baths
1,868 SqFt
Status Active
MLS # 6752209
Property Type Single Family Residence
Price Type --
No HOA! This charming 3-bedroom, 2-bath home features elegant travertine floors throughout and plantation shutters for a touch of sophistication. The central vacuum and water softener make for carefree maintenance and vaulted ceilings enhance the open, airy feel, while the play pool in the backyard offers a perfect retreat. The fireplace in the family room, breakfast bar seating in the kitchen, ceiling fans throughout the home & 220V access in the garage for EV charging are just a few of the features that make this the home of your dreams. Located in a desirable Mesa neighborhood, this home blends style and functionality seamlessly and is ideal for both relaxation and entertaining. It's a true gem in a prime location with easy access to the 202 freeway, shopping and schools.

16375 S 180th Drive Goodyear, AZ 85338

$549,900 - 2Br/2Ba -  for Sale in Cantamia Parcel 31 Replat, Goodyear
Open House
$549,900
2 Beds
2 Baths
1,913 SqFt
Status Active
MLS # 6783636
Property Type Single Family Residence
Price Type --
Don't miss this rare chance to own a stunning Portato floor plan on a premium east-facing waterfront lot in the vibrant, active adult community of CantaMia! Imagine waking up each morning to panoramic views of the breathtaking Estrella Mountains, right from your fully enclosed backyard. This serene oasis features an extended paver patio and low-maintenance landscaping, perfect for relaxation, entertaining, and enjoying peaceful sunsets with a glass of wine. Inside, every detail speaks to modern elegance and convenience. Light neutral plank flooring flows throughout, creating a cohesive, airy feel. The chef-inspired kitchen is truly a highlight, with its grey maple staggered cabinets, striking granite countertops, and a stylish tiled backsplash. Stainless steel appliances, pendant lighting, and a spacious island overlooking the great room make this kitchen both functional and beautifulideal for hosting friends and family. The great room itself invites you to savor those mountain views, thanks to a multi-sliding door that fills the space with natural light. The generous primary suite is a haven of comfort, featuring a huge walk-in shower, dual granite-topped vanities, and a spacious walk-in closet. For added convenience, you'll love the 2.5-car garage with ample storage space, an upgraded custom glass front door, an instant hot water heater, and French doors on the office. In CantaMia, you're not just buying a homeyou're joining a community that thrives on social connections, active living, and embracing the Arizona lifestyle. Make this dream home yours and start living the life you've been waiting for!

1027 S Nancy Lane Gilbert, AZ 85296

$549,900 - 3Br/3Ba -  for Sale in Cooley Station North, Gilbert
Open House
$549,900
3 Beds
3 Baths
2,292 SqFt
Status Active
MLS # 6781531
Property Type Single Family Residence
Price Type --
MODEL PERFECT HOME FEATURES OPTIONAL 4TH BEDROOM AND FULL BATHROOM DOWNSTAIRS! This FULTON HOME is The Best Floorplan in the Neighborhood and features 9-Foot Ceilings on 1st & 2nd Floor with 8-Foot Tall Doors Throughout. There are Amazing Features & Upgrades Throughout! The Spacious Open Floorplan is Perfect for Family & Entertaining! The Gourmet Kitchen includes Gas Range, 48-inch Tall Timberlake Espresso Cabinets, Granite Countertops, Huge Kitchen Island, All Premium Appliances, and Huge Walk-in Pantry! Large Family Room features 4-Panel Sliding Door that look out to Big Backyard w/Professionally Designed Landscaping and Built-in Stainless Steel BBQ. Upstairs features a Huge Loft that can be 2nd Family Room. You are absolutely going to Love the Features & Upgrades of this Luxury Home!

6756 W Morrow Drive Glendale, AZ 85308

$549,900 - 3Br/3Ba -  for Sale in Arrowhead Ranch 3 Amd, Glendale
Open House
New
$549,900
3 Beds
2.5 Baths
2,058 SqFt
Status Active
MLS # 6785138
Property Type Single Family Residence
Price Type --
Seller Offering Up to $9,900 Toward Buyer's Closing Costs, Buydown, or Warranty with Acceptable Offer! Welcome to this stunning home situated on a premium golf course lot with breathtaking views from both levels. Whether you're relaxing on the patio or enjoying a glass of wine on the balcony, you'll love the serene surroundings. This beautifully upgraded home boasts energy-efficient features, including Anderson dual-pane windows with custom frames and low solar lease payments, helping to keep utility costs low. Major upgrades include a new roof installed in 2021, newer water heater, and both air conditioners have been replaced for optimal comfort. The exterior was freshly painted in 2018, ensuring the home maintains its curb appeal for years to come. Inside, you'll find a thoughtful combination of tile, wood, and carpet flooring throughout. The expansive 3-panel sliding door creates a seamless connection between the indoors and out, perfect for entertaining. Other notable features include: Newer tall toilets and a remodeled hall shower All appliances are included Water softener stays with the home Updated fixtures and finishes Don't miss this opportunity to own a beautiful home with all the right upgrades! Imagine yourself living in this gorgeous, move-in-ready property. Close to Arrowhead mall, hospital, major stores and loop 101. One of the lowest HOA fee's you will find.

2332 W Arroyo Way San Tan Valley, AZ 85144

$549,900 - 4Br/3Ba -  for Sale in Morning Sun Farms Unit 4c 2013067837, San Tan Valley
Open House
$549,900
4 Beds
2.5 Baths
2,976 SqFt
Status Active
MLS # 6737790
Property Type Single Family Residence
Price Type --
Grand 4-bed, 2.5-bath home with a brand-new POOL. ''appx $50k Backyard Oasis '' Enjoy the extended Paved driveway that leads to the RV gate. Downstairs features low maintenance tile flooring, den/office space, the formal dining room & a desirable great room! The kitchen boasts built-in appliances, granite counters, mosaic tile backsplash, a walk-in pantry, recessed lighting, staggered cabinetry, and an island w/breakfast bar. For added functionality, this gem offers an upstairs loft! Main bedroom has an ensuite with dual sinks & a walk-in closet. Enjoy the large backyard, featuring an extended paver-covered patio, Ramada, putting green, & a sparkling pool w/travertine decking and water feature

6034 E Hillview Street Mesa, AZ 85205

$549,900 - 3Br/2Ba -  for Sale in Golden West 2, Mesa
Open House
$549,900
3 Beds
2 Baths
1,896 SqFt
Status Active
MLS # 6763869
Property Type Single Family Residence
Price Type --
This beautifully unique 3 bd/2 bath home has brand new energy efficient windows, including the huge arcadia doors leading to a spacious extended patio, brand new carpet and blinds in the South bedrooms, new water heater which is connected to electric water heaters, which in turn consumes less power! Two top of the line new Trane AC units, a value of over $10,000 savings to any home of this era! Step down into the open floor plan with a gorgeous stone wood burning fireplace. The kitchen has a huge walk in pantry with a new stove and dishwasher. No need to buy a refrigerator, Sellers are leaving it!! Beautiful plantation living room shutters. Upgraded extended 3 car garage bonus, which was designed by the Seller as a workshop. The 3rd car garage was permitted by the City of Mesa! Step out into your serene oasis, which includes an extended covered patio and secluded swimming pool area, and a spacious play area. The large lot is an upgraded N/S facing cul-de-sac lot. Close to the 202 and the 60 freeway.

16170 W Port Royale Lane Surprise, AZ 85379

$549,850
6 Beds
3.5 Baths
3,251 SqFt
Status Active
MLS # 6783810
Property Type Single Family Residence
Price Type --
Welcome to this beautiful home in Legacy Park boasting 6 bedrooms, 3.5 bathrooms, a loft, and a large backyard with a pool! You will love this well-thought-out layout with a formal dining room, family room, and a spacious kitchen! The primary suite is downstairs with an ensuite featuring a dual sink vanity, a soaking tub, a separate shower, and a walk-in closet. The remaining bedrooms are upstairs along with the loft and 2 bathrooms. Outside you will find a large backyard with a fenced pool, covered patio, and a separate charming courtyard with a private covered patio and access from the kitchen. Additional features include a 2-year-old water heater, and a new pool pump, filtration and cleaner in 2024! Do not miss out on this beautiful home!

Leave a Reply

Your email address will not be published.