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Home / Blog / Headlines & News / Shave 4 Years Off Your Mortgage and Save Thousands!

Shave 4 Years Off Your Mortgage and Save Thousands!

May 13, 2014 By Mary Catchur

Save money on your home mortgage!
Photo Credit: Scott Maxwell/Flickr/CC.

The Motley Fool reviews a tried and tested technique for shaving 4 years off your mortgage and saving thousands of dollars.

Pay half of your monthly mortgage payment every 2 weeks (biweekly), and you will shave a little over 4 years off your 30 year mortgage.

Read The Motley Fool article for an explanation of how this technique works, and example of the money you will save: 1 Way To Shave 4 Years Off Your Mortgage.

At first, biweekly and monthly payment plans may sound like the exact same amount of money coming out of your pockets, especially to new homeowners. However, there is one big difference.

We all know there are 52 weeks in a year, right? So, if you pay every two weeks, you’re making a total of 26 payments each equal to half of your monthly payment. 26 divided by two is 13, so by using a biweekly payment plan you are actually making 13 full monthly payments each year, one more than you normally would.

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Filed Under: Headlines & News Tagged With: Biweekly Mortgage Payment, Motley Fool

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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