Home Mortgage

California Refinance Home Mortgage Section


California Refinance Home Mortgage Navigation


Stress and Anxiety Guide Home Page
Tell A Friend about us
Finance Home Mortgage Refinance |
Us Home Mortgage Refinancing Rates |
Manufactured Home Mortgage |
Home Loans California Mobile Home Mortgage Lenders |
American Home Mortgage Rate Calculator |
Premier Equity Home Mortgage Loan |
California Home Mortgage Rate Refinance |
Get The Best Rate On Your Home Mortgage Loan |
Home Mortgage Loan Rate Quotes |
Florida Home Mortgage Calculator |
Refinancing Home Mortgage Rates |
Mortgage Rates Home Mortgage Refinance Equity 1st |
Florida Home Mortgage Loan |
Refinance Home Mortgage Loan |
First Home Mortgage |

List of home-mortgage Articles

Social bookmarking
You like it? Share it!
socialize it

Main California Refinance Home Mortgage sponsors


Newest Best Sellers


Welcome to Home Mortgage


California Refinance Home Mortgage Article

Thumbnail example. For a permanent link to this article, or to bookmark it for further reading, click here.

You may also listen to this article by using the following controls.

How To Save Thousands In Interest On Your Home Mortgage

from: Sameer S Panjwani

So you have a mortgage on your home or planning to get one? Here’s something to consider if you want to reduce your interest payment and save on thousands of dollars. Consider going in for a bi-weekly mortgage payment plan.

So, what is a bi-weekly mortgage payment plan? The difference in this type of mortgage plan lies in the frequency of payments. Out here you make your payments every two weeks instead of every month. By going in with such a payment plan, you end up paying for the 52 weeks in a year, i.e. 1 month more than the otherwise 12 payments you would make with the monthly plan (52 / 4 = 13 payments in a year). You may think why pay extra? But the benefits are there for all to see. By going in for such a mortgage plan, you are reducing the tenure of your loan as well as continuously reducing the principal and interest which has to be repaid.

An illustration to show what we mean - Suppose you were to go in for a mortgage of $150,000 for a term of 360 months at an interest rate of 6%, your monthly payment would work out to $899.93 and your total interest through out the tenure of the loan would work out to $173,757. Now consider the same mortgage taken on a bi-weekly payment plan. Your bi-weekly payments would be of $449.67 while your total interest for the entire tenure would work out to only $135,294 + you end up completing the loan in 24 years instead of 30. Huge difference!

The savings from such a payment plan are huge and are worth considering if you can afford to make the payments every two weeks. At least, keep it as an option!

About the Author

Sameer S Panjwani is the CEO and Founder of ChoiceOfHomes.com - Real estate listings of homes on sale and rent.


California Refinance Home Mortgage News