Switched to biweekly mortgage payments and shaved 4 years off my loan term

I started splitting my monthly payment in half and sending it every two weeks about 18 months ago, and my amortization schedule shows I'll finish paying in 2035 instead of 2039. Has anyone else tried this and seen the same kind of shift?

3 comments

3 Comments

andrew_baker912d ago

Read that biweekly just catches up with the bank's math faster.

the_felix12d ago

Biweekly payments definitely mess with the bank's interest schedule in a good way. I started doing it a few years ago and my loan balance dropped way faster than I expected. It's like a cheat code for chipping away at the principal without feeling the extra money leave your pocket.

the_riley11d ago

Wait, wait. You mean the whole thing works just by splitting the payment in half? That's it?