Reader Question: What do you think about making bi-weekly mortgage payments?
I think it’s an awesome idea. By doing that, you can pay off a 30-year mortgage in about 22.8 years, on average, depending on the interest rate.
However, I would never pay someone a fee to set up bi-weekly mortgage payments. All you do on a bi-weekly schedule is make half a payment every two weeks. Since there are 26 two-week periods per year, that equals 13 whole payments. It’s nothing magical, and it’s not difficult.
Go for it. Get rid of that house payment as fast as you can. Just don’t pay extra fees to make it happen!