A Bi-weekly mortgage is a mortgage loan payment plan in which the borrower makes payments toward the principal and interest every two weeks instead of once monthly. The biweekly payment is exactly one half of the amount a monthly payment would be. Though it depends on other factors such as the interest rate of the loan, a biweekly mortgage payment plan often saves the consumer money over the life of the loan.
For example: a 30-year mortgage of $200,000 with an interest rate of 5.5% will require a monthly payment of $1,135.58. When this mortgage is converted to a biweekly mortgage payment plan, the payment will be $567.79 paid every two weeks. Paying the mortgage this way will result in the mortgage being paid off nearly 7 years sooner and it will result in a savings of $43,334.50. This effectively brings your interest rate down to 4.36%. Now pay an extra $100 per payment. This will effectively bring your interest rate down to 3.06%, saving you $92,554.61 and paying off your mortgage in just 18 years. This is huge in your long term goals and retirement plans.
Here are the troubling facts about your current 30 year mortgage:
- You will pay approximately 2.04 times the amount you originally borrowed!
- After paying your mortgage for 10 years, you will still owe 82.54% of what you borrowed!
- After paying your mortgage for 15 years, you will still owe 69.49% of what you borrowed!
You need to be enrolled in the Bi-Weekly Plan! (on the numbers above you are losing over $400 per month in savings if you are not enrolled in the Bi-Weekly Plan.)
Get into touch with me and I can get you enrolled right away to begin saving you a lot of money and pay your mortgage off much quicker. This program can also be used for Autos, Boats, RV’s, etc… I have used this same service on all of my major purchases the last 15 years and have saved over $300,000. This program works!