Biweekly Mortgage Amortization

A mortgage is considered a long-term loan that a home owner to be obtains from a bank, thrift, independent mortgage broker, online lender or even the property seller. Mortgages are large loans that require long periods to pay off. Monthly payments gradually whittle away the principal balance, slowly at first then rapidly toward the end of the loan. To save money on your mortgage, it is advisable that you go for biweekly mortgage amortization. The magic of biweekly amortization is based on the fact that there are 52 weeks in a year. When your bank account is debited every two weeks, you make 26 half-payments a year -- equivalent to 13 monthly payments. Having an extra payment a year makes a big difference in the long run. 

For example, someone who borrows $100,000 at 6 percent interest for 30 years would pay a shade under $600 a month principal and interest. Let's say taxes and insurance bring the monthly payment to $1,000. By making an extra $1,000 payment every year, a borrower would pay off the mortgage in 22 years, 2 months, knocking almost eight years off the loan and saving about $34,000 interest. Our goal is to have happy customers. In order to reach that goal, we have developed what we believe to be the most reliable, fastest, and most technologically advanced biweekly mortgage amortization service in the country.

Biweekly mortgage amortization calculator will show you how much you can save if you make 1/2 of your mortgage payment every two weeks instead of making a full mortgage payment once a month. In effect, you are making one extra mortgage payment per year! This adds up to making an extra mortgage payment each year. That can save thousands of dollars and shave years off a 30-year loan. Generally, a 30-year loan paid biweekly will be fully paid off in about 22 years; a 15-year term is amortized in about 12 years. Typically, one half of your monthly payment will be automatically withdrawn from your bank account every two weeks (14 days) and immediately credited toward your loan.

Biweekly mortgage amortization have been touted by many companies as being an excellent way to save money and pay off your mortgage earlier. Some companies even claim that "it won't cost you any more than you're paying now." You build equity in your home by paying down principal, not interest. In a biweekly system, every six months, an extra half-payment is paid toward your principal. You can see the dramatic increase in equity over the life of your loan. The house is paid off completely in 24 years. Even if you sell your home early, you still benefit by actually owning more of your house than if you didn't use our mortgage savings program.