# There-Are-Many-Benefits-To-Paying-Biweekly-Mortgag194

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There are many benefits to paying biweekly
mortgage payments. Many programs online
you. The good news is you can do this yourself

fsa mortgage calculator
In essence, a biweekly mortgage allows you to pay one extra payment a year
thus saving you thousands of dollars in interest and paying off your mortgage
early Let's examine this a little deeper How this works is through simple
mathematics In a traditional fixed rate mortgage you will pay 12 monthly
payments
Let's take a look at the calendar for a moment Once you have a calendar,
begin by circling every other Friday for a whole year When you are done,
count each of the Fridays you have circled
You'll find that there are 26 Fridays total For the time being, let's call these
Fridays your new payment dates As a side note, this process works for any
day of the week, not just Friday
When you review the calendar, you'll see that there are two months that
have three payment dates while the rest of the months only have two
payments Now divide your regular mortgage payment by two This is your
new bi-weekly mortgage payment
These two months with the three payments allow you to make one additional
monthly payment each year The extra payment goes to the principal balance
and saves you thousands on interest charges and can cut about 7 5 years off
of your mortgage term on a 30 year mortgage
Nearly 99% of all mortgages carry a "no pre-payment penalty" clause which
allows you to pay off your mortgage early fsa mortgage calculator Most
lenders recognize biweekly payments and will even set it up for you at no
charge If by chance they will not set it up for you, you can always mail the
payments in on your scheduled date
mortgage calculator This calculator will calculate the biweekly payments and
show you how much money you will save A free biweekly mortgage calculator
can be found at FinanceNewsToday
com Finance News Today is a free resource website on personal finance We
offer a free somekeyword and a free somekeyword to aid in your financial
planning
fsa mortgage calculator

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Description: In essence, a biweekly mortgage allows you to pay one extra payment a year
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