Some Mortgage/Finance companies will allow you to pay your mortgage every two weeks instead of every...

Some Mortgage/Finance companies will allow you to pay your mortgage every two weeks instead of every month. Will this method help your friend to pay off the mortgage more quickly and if so why or why not?

Expert Solution

Payment of mortgage on monthly basis and weekly basis make a huge difference among the both.
Such payments which are made on monthly basis will require more time in full payment then the payments made on weekly basis.

In the given case where some Mortgage/Finance Companies allows you to pay your mortgage every two weeks instead of every month will reduce the time period of whole payment.
This method will surely help you to pay off mortgage more quickly as compared to monthly payments. This is so because weekly payments (in this case every two weeks instead of every month) will reduce the whole time period and overall interest.

The overall time period will be reduced to half because every month have four weeks and the payment is made after every two weeks (which means two payments every month).

Hence, paying of mortgage every two weeks instead of every month will surely help in paying off mortgage more quickly.

ekkarill92 answered 1 year ago

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