Bi-Weekly Mortgage
Make Every Payment Count — With a Bi-Weekly Mortgage
Looking for a simple way to pay off your home faster and save thousands in interest? A bi-weekly mortgage might be the perfect fit. By aligning your payments with your paycheck schedule, you’ll make an extra payment each year — without even feeling it. Over time, that small change can lead to big financial benefits, including a shorter loan term and lower total interest paid.
Discover how switching to bi-weekly payments with Mutual Saving can help you take control of your mortgage and build equity faster.
Advantages of a Bi-Weekly Mortgage
Switching to a bi-weekly mortgage is a smart way to save money, pay off your home faster, and simplify your budget. Here’s how it works — and why it may be right for you:
Faster Payoff
By making half of your monthly mortgage payment every two weeks, you end up making one full extra payment each year. This reduces your loan term significantly — helping you pay off your mortgage years earlier.
Reduced Interest Costs
That extra payment each year adds up. Less interest accrues over time, leading to significant savings over the life of your loan.
Easy Budgeting
Bi-weekly payments can be drafted directly from your existing account, making your mortgage easier to manage alongside your paycheck schedule.
Example: $200,000 Mortgage at 5.95% APR
| Monthly (30yr) | Bi-Weekly (30yr) | |
|---|---|---|
| APR | 5.976% | 5.979% |
| Payment | $1,192.68/month | $596.34/bi-weekly |
| Loan Balance After 5 Years | $185,993.33 | $178,854.88 |
| Loan Balance After 10 Years | $167,147.51 | $150,416.00 |
| Loan Paid Off In | 30 Years | ~24.33 Years |
| Total Interest Paid | $229,364.17 | $179,285.62 |
| Total Savings | — | $50,078.55 |
Other terms available.
Rates are subject to change without notice.
Ready to save more and pay off your home sooner?
Contact us today to explore your options or get started!