Is Paying Your Mortgage Bi-Weekly Worth It?

Yes!

Making bi-weekly mortgage payments can be one of the easiest ways to pay down your mortgage faster. Depending on the size of your mortgage, you can usually reduce a 25 year amortization by 4 - 5 years. 4 - 5 years equals huge savings in interest costs.

Another benefit is that you can have your mortgage payments coincide with your bi-weekly payroll deposit and then you never have to worry about being short on that mortgage payment.

Here's an example,

$250,000 mortgage @5.25% 25 year amortization.

Monthly payments $1,490 per month for 25 years

Make bi-weekly payments of $760 and your mortgage will be paid in 21 YEARS.

I feel this is one of the easiest ways to knock a few years off your mortgage without changing your current lifestyle.