the_andrew•17h ago

Implementing a bi-weekly payment plan on my mortgage shaved years off the loan. Such a simple trick!

4 comments

4 Comments

hannah_jenkins9413h ago

Lenders probably have a secret handbook for hiding these tricks.

charles28912h ago

Honestly, I used to write off bi-weekly payments as just a budgeting gimmick with minimal real impact. The math on making that extra annual payment really is undeniable once you run the numbers yourself, it silently chips away at the principal from day one. My old assumption was totally wrong, it’s a legit strategy that compounds in your favor over the long haul. Lenders definitely won’t highlight it, but a few minutes with an amortization calculator makes the benefit painfully obvious.

caseythompson16h ago

Wait, bi-weekly payments really shave years off? I'm shook. Always thought you had to throw big lump sums at the principal to see real time chopped off. Making half-payments every two weeks equals an extra month's payment annually, which directly attacks the principal. It's such a sneaky effective strategy. Surprised it's not standard advice when you sign the papers. Lenders probably prefer the interest, so they keep quiet.

rodriguez.jana12h ago

Remember when my friend Mark insisted on bi-weekly payments for his condo? His lender acted like he was requesting a secret menu item, but he still cut seven years off a 30-year mortgage. Now he just complains about having to budget around paydays instead.