If I pay 1/2 of my mortgage payment every two weeks will that have any benefit?

that would definately cut down the years and interest. if the banks had their way they would take all your money.

Obviously if you pay half of your mortgage payment every two weeks, you will end up paying half of your mortgage 26 times. This equates to 13 full payments per year rather than 12. Since a 30 year mortgage would require 360 payments (12 * 30), you can do a further calculation and divide 360 by 13 payments per year. This would equal only 27.69 years. You've knocked at least 2.5 years off by just paying more frequently.

Let's say your mortgage payment is $1000. I did a little calculation using 5% interest since that is basically the risk free rate. If you invest that 13th payment of $1000 every year for 30 years, you would have $69,760. Keep in mind I used the risk free rate. Most investments over 30 years will garner a larger return than that.

Now, would you rather have your mortgage paid off 2.5 years early or would you rather have nearly $70,000 in your pocket? If you are disciplined enough, that would be the route I would take.

If you pay half a mortgage payment every two weeks its going to have you paying more each year. Say your payment is $100.00 a month (I know, it's not but lets just say so). If you pay every month at the end of the year you will have paid $1200.00. If you pay every two weeks you will have paid $2600.00. You pay the most toward the principal of your loan in the last half of the loan. So if you had a 30 year loan for most of the first 15 years (and maybe a little more) you will be paying mostly interest. You need to contact your lender about obtaining an amoritization schedule. That will show you the break down of your payment every month, and you can figure out a pay schedule accordingly.

O Yes!! this will help you pay off your mortgage years early and build equity a lot faster. instead of making 12 monthly payments per calendar year you will be making 13. check to see if there are any fees with your lender - i don't think there will be - but just check to make sure. you can go to bankrate.com and pull up a mortgage calculator and it will show how much time it will cut off of your mortgage.

Yes, it will make a difference. I have read the home buying guides which go over the calculations. If you search online for bi-weekly mortgage calculator you would find this site:

www.bankrate.com/brm/cgi-bin/biweekly.asp

By paying bi-weekly you will save all of those thousands of weeks of compound interest over 30 years of a mortgage. I entered in an example of a $100,000 mortgage using a Interest Rate of 6.5% over 30 years. The savings you would pay in interest by paying bi-weekly is $30,000.

Show your husband and get him to help you save all that money. =)

You will get the advantage of making payments when only 2 weeks worth of interest has accrued. It will allow you to pay it off a little sooner. If this payment schedule fits your lifestyle check with your bank to set it up.

Yes, it will pay off sooner, BUT, be careful, some companies will hit you with an extra fee for doing it that way.

Instead, increase your monthly payment by 1/12, or 2/12 to pay it off sooner.

Show him how much in 10s of thousand of dollars less that you will end up paying.

I agree with the first post, check your documents for any fees that might generate. Depending on your rate it could be a good idea to pay it down. I have a 5-1/8% 30 year so I don't pay down, but if you have something up towards 10% it make sense.

Yes, you get an extra payment a year, bring down the principal of the loan faster!

The only benefit is that you don't get slammed with a lump some once a month. I pay all my bills this way.

You won't pay it off any sooner. (1/2 +1/2 = 1 whole payment each month)