If you’re someone that wants to pay your mortgage off faster, this simple change in the way you make your mortgage payments will result in you paying your loan off around 4 years faster and potentially save over $100k in interest.
Most people pay their mortgage once a month, at the beginning of the month. BUT a lot of people receive their paychecks from work every two weeks.
So instead of paying once a month, split your monthly mortgage payment in half and pay that amount bi-weekly.
By making this change, you will effectively make 13 payments a year instead of 12. This reduces the principal on the loan faster and saves you money on interest.
On a home purchase of $1m with 20%, the savings add up to over $140,000!
