Tired of Throwing Money at Your Mortgage Like It's a Stands-Up Comedian? Here's the Biweekly Payment Trick (That Won't Make You Cry)
Let's face it, for most of us, mortgages are about as fun as watching paint dry. You hand over a giant chunk of cash every month, and that pile of bricks you call home seems to inch towards being yours at the pace of a sloth on valium. But fear not, weary homeowner! There's a little trick up your sleeve that can help you pay down your mortgage faster, save a ton of moolah on interest (which basically translates to free money for margaritas!), and maybe even shave some years off that loan term.
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| How To Pay Mortgage Every Two Weeks |
Enter the Biweekly Payment Superhero!
QuickTip: Don’t just consume — reflect.
This isn't some complicated financial jargon monster. It's actually quite simple. Normally, you make one big mortgage payment every month. But with the biweekly method, you split that payment in half and make a smaller payment every two weeks. BAM! Just like that, you've become a biweekly payment ninja.
Okay, But How Does This Save Me Money? Don't Math at Me!
Tip: Read actively — ask yourself questions as you go.
Hold on there, math-a-phobe! This isn't calculus, it's basic addition (remember that from grade school?). There are 52 weeks in a year, right? With a normal monthly payment plan, you make 12 payments. But with biweekly, you're making 26 half-payments, which adds up to the equivalent of 13 full payments a year!
That extra payment might seem small, but over the course of your loan, it adds up significantly. You'll be paying down your principal faster, which means less interest gets tacked on, and who doesn't love saving money on interest? It's like finding a twenty in your winter coat – pure magic!
Tip: A slow, careful read can save re-reading later.
Alright, I'm Sold. How Do I Become a Biweekly Badass?
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Step 1: Check with your Lender (those fine folks you send your mortgage payment to every month). Not all lenders offer biweekly payment options, so make sure they're on board with your money-saving plan.
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Step 2: Automate It! Set up biweekly transfers from your checking account to your mortgage. This way, you don't have to worry about remembering to make payments (and let's be honest, who wants to think about their mortgage more than they have to?).
Step 3: Watch Your Mortgage Disappear (Okay, Maybe Not Disappear, But Shrink!) With consistent biweekly payments, you'll be surprised at how quickly you start chipping away at your loan.
Bonus Tip: If your lender doesn't allow biweekly payments, you can still achieve a similar effect by making one extra mortgage payment each year. Every little bit helps when it comes to tackling that loan!
So there you have it! The biweekly payment method – your secret weapon against that pesky mortgage. Now go forth and conquer your homeownership goals, all while feeling smug about your financial savvy. And remember, if anyone tries to tell you this is boring, hit them with some mortgage math jokes. They'll be begging for mercy in no time!
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