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True Savings With Biweekly Mortgage Payment Plans
You can save a lot of money paying off your mortgage earlier. A typical borrower can cut ten years off of a 30 year mortgage loan just by paying one extra payment each year. There are several ways to do this. Biweekly payments, one extra payment/year, or several lenders offer automatic biweekly plans.
Some of the extra fees they tack on can be way too much to pay for the chance to have a paid off mortgage early. Some are total scams, you should never pay $1000 fees or even monthly fees just to make two payments a month.
Sending two payments a month will equal one months extra payment each year and save you 10 years interest. But not all lenders will let you do this for free.
A better solution is to pay your 30 year loan on a 15 year payment plan for free.
Most mortgage loans today have no prepayment penalties. You can do it yourself for free. Just add extra to your monthly check, use the additional principal box on your payment form. You can find the amount you need to add by simply checking an online amortization schedule. Just look for your 30 year mortgage and run the same numbers on a 15 year schedule. Add the extra amount to each months payment and you will be paid off in about 15 years.
This is much safer in the event something happens and you can't afford the 15 year payments. You can always revert to 30 year payments.
A major benefit of paying additional principal each month is the added equity you build up. It is much faster than paying on a 30 year plan. Not to mention you can save $90,000 or more in interest by cutting 15 years off your mortgage loan. That is money that stays in your pocket, money you don't have to work hard for just to give to a banker.
Try making 15 year payments on your 30 year loan for awhile, it doesn't hurt your budget that much. You are only talking about adding $200-300 each month. And you can hold off for a month if things get tight. The benefits are well worth it.
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