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Buying a Home

How Does Paying Your Mortgage Biweekly Helps?

Patrick Garner
Last updated: 2025/04/16 at 2:54 AM
Patrick Garner 5 Min Read
How Does Paying Your Mortgage Biweekly Helps?

Paying your mortgage biweekly can be an excellent way to save money and reduce the interest you pay on your loan. Here’s a look at how it works and the benefits it can provide.

What is a Biweekly Mortgage Payment?

A biweekly mortgage payment is when you make a payment every two weeks instead of once a month. This results in 26 payments over the course of a year instead of 12. Biweekly mortgages are generally beneficial because they allow homeowners to pay off their debt faster and save on interest costs. This can also help avoid bad credit when investing. 

 

This is because faster payments reduce the amount of time the loan is outstanding and the amount of interest accumulated. Making biweekly payments makes it possible to pay off a loan in as little as 10-15 years instead of the traditional 30 years. Biweekly mortgages can increase a borrower’s credit score because the payments are consistent and timely. 

The Benefits of Paying Biweekly

A few key benefits of paying your mortgage biweekly instead of monthly.

1. Lower Interest Payments

One of the biggest advantages of paying biweekly is that you’ll pay less in interest over the life of the loan. Since you’re making a payment every two weeks, you will pay off the loan more quickly, reducing the interest you pay.

2. Improved Cash Flow

You can keep more money in your monthly bank account by making biweekly payments. This can help provide you with more cash flow and make it easier to cover other expenses.

3. Quicker Payoff

By making biweekly payments, you’ll be able to pay off your mortgage more quickly. This means you’ll be able to save money on interest payments and become mortgage-free sooner.

4. Reduce Escrow Balances

If you have an escrow account, making biweekly payments can help reduce your balance. This can help reduce or eliminate the need for an escrow account, resulting in lower monthly payments.

5. Easier To Budget

Making biweekly payments can also make budgeting easier. Since you’ll be making two payments per month, you’ll be able to spread out your payments more evenly throughout the year.

How To Make Biweekly Mortgage Payments

Making biweekly payments is easy. Most lenders offer an option to make biweekly payments, or you can set up automatic payments from your bank account. You may also be able to set up a payment plan with your lender, who will take payments from your account every two weeks. 

 

The advantages of biweekly payments include faster loan repayment, less interest paid over the life of the loan, and improved credit scores. When you make biweekly payments, you pay half of the regular payment every two weeks, resulting in 26 payments a year instead of the usual 12. 

 

This means you make an extra annual payment, which reduces the principal that interest is applied. A reduction in interest paid over the life of the loan can save you hundreds or even thousands of dollars. Additionally, making regular payments on time can boost your credit score, as it reflects positively on your credit report.

 

Paying your mortgage biweekly can be a great way to save money and reduce the interest you pay on your loan. It can also help with budgeting and improve your cash flow. If you want biweekly payments, check with your lender to see if they offer this option.

 

If you are interested in more articles like this, here’s one about real estate investing for beginners.

 

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By Patrick Garner
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