How Does Making Biweekly Mortgage Payments Work. Instead they save you money on interest by paying your mortgage down and off earlier. The way it works out with a biweekly mortgage however is that you actually end up making the equivalent of 13 monthly payments which is why it accelerates your mortgage.
You will make this payment once a month every month until the loan is satisfied for 12 equal payments a year. 24000 Biweekly payment payment made every 2 weeks. With biweekly mortgage payments.
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Biweekly mortgage payments dont save you money by lowering your interest rate. With a biweekly mortgage payment you pay half your payment every two weeks instead of one full mortgage payment monthly. Biweekly mortgage payments dont save you money by lowering your interest rate. For example if its 1600 like the example above youll be sending in biweekly payments of 800.
