Mortgage payment options (Weekly, Bi-weekly, Semi-monthly, Monthly)

Our new mortgage company is offering different mortgage payment options.  Monthly, Bi-weekly, Semi-monthly and Weekly.  None of the options are associated with any fees.  What payment options will help us save the most money and pay off the balance sooner?  Our current intention is to live in this house indefinitely.

guikazoid

in Building Code 12 years and 4 months ago

3

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FishieFishie | 12 years and 4 months ago

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Even if you choose monthly, there should be nothing to stop you from paying it off more quickly, in any way you choose. You can still send multiple checks, for instance. In my case, I also pay a little more each time, plus sometimes just send in a extra lump sum if I can.

slopegirl | 12 years and 4 months ago

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all depends on how often you gt paid and your other bills. I would say the easiest way to get ahead is to do weekly payments and nudge it up as much as you can. all the extra goes to pay off the principal. But then again cash is as cheap right now as it’s ever been historically so even though it’s still money you are paying to the bank it could be a lot worse

est | 12 years and 4 months ago

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Paying twice a month is equal to one additional mortgage payment a year, I think.. But you should have them model it for you, or do it using an online prepayment calculator. Youl could also just make an additional principal payment each month, or do it in addition to an accelerated program ( twice a month) and it will take years off your payments.