How much money do you save by paying mortgage weekly?

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asked May 22, 2018 in Real Estate - Renting by Kareimea (270 points)
How much money do you save by paying mortgage weekly?

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answered May 23, 2018 by Christeen (70,120 points)
The amount of money you would save by making a biweekly mortgage payment would depend on the actual amount of the mortgage and how long the mortgage is whether it's a 15 year mortgage or a 30 year mortgage.

But let's take this example. You have a 30 year mortgage on a $250,000.00 house.

If you make biweekly payments on that 30 year $250,000.00 mortgage you would save $30,329.00 in interest.

If you can you should pay more towards your mortgage than the regular mortgage payment because the sooner you can get your mortgage paid off the less interest you'll pay.

30 years is a long time to pay on a mortgage and a lot of that money over the 30 years is going towards interest charges so it's best to pay more towards the mortgage if possible and wipe the mortgage off and get that debt off your back.

With a paid off house the bank won't be able to take it from you should you lose your job.

Although you still have real estate taxes to pay but that can usually go for as long as 3 years without being paid before you lose your home.

So those 3 years will give you time to find another job to get the real estate taxes paid.

Of course it would be a good idea to have an emergency fund setup now and have money in the emergency fund account.

Then once you pay off the mortgage then put those mortgage payments into a savings account or along with your emergency funds.

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