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Did you know that by switching
to biweekly payments

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you could pay your mortgage off faster?

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With biweekly payments,

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you can make an extra mortgage
payment each year,

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accelerating your mortgage
payoff timeline by years

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and saving
thousands of dollars in interest.

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How does it work
and what's a biweekly payment?

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Biweekly payments
are half of your monthly payment

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paid every two weeks.

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Because a year has 52 weeks,

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this works out to 26 biweekly payments.

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Since these payments are half

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of the full amount
of your monthly payment,

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they equal 13 full payments.

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Let's look at this example,

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which is based
on a home purchase price of $300,000

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with a 20% down payment.

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The mortgage interest rate is 5.6%,

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based on an average 30-year fixed rate.

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If you were to make the regular
monthly payment on time each month,

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it would take you 30 years
to pay off your home.

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You would pay more than $250,000

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in total interest paid.

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But if you decided to accelerate
your mortgage payoff

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and make biweekly payments,

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you'd save both time and interest.

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In fact, you'd save more than $52,000

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in total interest paid,

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and you'd pay off your mortgage
five years sooner.

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What could you do with that extra money?

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Put a child through college?

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Increase your retirement savings?

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Pay off debt?

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Have an extra $50 you could put
towards your biweekly mortgage payment?

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Take a look at the difference
that could make.

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You could save
more than $83,000 in interest

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and shave eight and a half years
off your mortgage payoff date.

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You could start saving
time and money today.

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Reach out to your lender and servicer

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to learn how biweekly payments
are accepted

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and whether the extra payment
is applied to the principal balance.