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Bi-Weekly Mortgage Payments and BIG Savings

Did you know that changing your mortgage payment to bi-weekly could take years off your mortgage repayment? 

Suppose you’re considering a mortgage of $350,000 that you’ll pay back over 25 years.

You want to decide if paying $100 more a month will help you save money.

Assume the following:

  • your mortgage lender tells you that you must pay at least $1,841 a month
  • your interest rate of 4% remains the same throughout your 25-year mortgage

If you pay an extra $100 a month during the life of the mortgage, you’d:

  • save more than $19,000
  • pay off your mortgage more than 2 years earlier

That’s something to think about. Read more here.