|
Author: Sameer Panjwani Article source: http://www.mortgage.inuk.com/. Used with author's permission.
So you have a mortgage on your home or planning to get one? Here's something to consider if you want to reduce your interest payment and save on thousands of dollars. Consider going in for a bi-weekly mortgage payment plan.
So, what is a bi-weekly mortgage payment plan? The difference in this type of mortgage plan lies in the frequency of payments. Out here you make your payments every two weeks instead of every month. By going in with such a payment plan, you end up paying for the 52 weeks in a year, i.e. 1 month more than the otherwise 12 payments you would make with the monthly plan (52 / 4 = 13 payments in a year). You may think why pay extra? But the benefits are there for all to see. By going in for such a mortgage plan, you are reducing the tenure of your loan as well as continuously reducing the principal and interest which has to be repaid.
An illustration to show what we mean - Suppose you were to go in for a mortgage of $150,000 for a term of 360 months at an interest rate of 6%, your monthly payment would work out to $899.93 and your total interest through out the tenure of the loan would work out to $173,757. Now consider the same mortgage taken on a bi-weekly payment plan. Your bi-weekly payments would be of $449.67 while your total interest for the entire tenure would work out to only $135,294 + you end up completing the loan in 24 years instead of 30. Huge difference!
The savings from such a payment plan are huge and are worth considering if you can afford to make the payments every two weeks. At least, keep it as an option! Sameer S Panjwani is the CEO and Founder of ChoiceOfHomes.com - Find real estate listings of homes on sale and rent.
Best of Halloween for Kids: Recipes
Looking for some fun eats this Halloween? Or seeking recipes for a Halloween party? Look no further!
Eucalyptus Oil for Colds and Flu
Using eucalyptus oil for colds and chest congestion is quite effective. Use it just before you go to bed by itself or with other oils to get overnight relief.
The Freemasonic Order of the Golden Centurion
The Knights of the Golden Circle in the US Civil War era also deserve your inspection. This addresses the more over-arching group that included Hitler. There ar...
Job Interviews -- The Four Worst Objections You’ll Face and How to Deal with Them
Dealing with tough questions and objections is an essential part of job interviews. Here are four common ones that derail many candidates. Read on to find out w...
Problems Associated With Teen Pregnancy
Pregnancy is one of the pivotal moments of a woman's life but not when you're young with a bright future ahead. Teen pregnancy is one of the most difficult expe...
Motivation and Dieting - Whats the Missing Link?
Find out what is the missing link between motivation and diet.
An Introduction to Google Sitemaps
Achieving a high ranking on Google is not obvious anymore these days and is caused by the 'Google Sandbox', a filter to restrict spam among the search results. ...
How To Find Your Perfect MLM Sponsor In 3 Easy Steps - Without Going Completely Insane
If you've never had the experience you're very lucky.... You just joined a great new MLM company and are excited and ready to go, you e-mail your sponsor to fin...
Finding Your Wheelchair Comfort Zone
At any point in your life, you may find yourself depending on a wheelchair for mobility. While it may be hard to deal with that fact, just remember that your wh...
The Natural Way To Whiten Teeth
No patience for bleaching? There may be another way to get white teeth, and it's as simple as munching on an apple. To keep teeth bright and prevent yellowing, ...
How to Grow Flowering Dogwood Trees from Seed
Have you been frustrated by attempts to grow Flowering Dogwood from seed? This article details all the tips and techniques you'll need to know from collecting ...
Google Adwords: Here is Why It Can Explode Your Business!
With over 70% businesses getting leads via search engine placements, it is high time you added online campaigns to your marketing plan. Here is quick snapshot o...
Culture Management and Creativity
Many concepts in the fields of managing creativity are very much applicable to culture management in general. The same concepts that foster creativity and innov...
Catching Spyware to Avoid Identity Theft
Not only is spyware annoying because of the constant popup ads, it can also cause some programs from running properly.
The Perfect Scone: Keys to Make Your Scone Just Right
Scone recipeAh, there's nothing like a tender, steaming scone in the morning. (Pronounced "skawn" like "fawn" or "scone" like "tone" -Webster says either is oka...
3 Simple But Powerful Off-Line Advertising Strategies
Three simple but neglected off-line advertising strategies at little or no cost.
Turn Off the Fat Genes - A Book Review
Once in a while a good title comes along and "Turn Off the Fat Genes" is one of those titles that just have to be written about.
Writing Political Radio Scripts
The challenge for the 2006 election season is to write radio scripts that touch the heart and not deflect off the shield that surrounds the soul of most voters....
The Cycle of Conflict in Relationships - Part 3 - Stage 2 of the Conflict
Is your relationship / marriage being destroyed by toxic communication patterns? I coach my clients to recognize this cycle and find alternatives to create a sp...
For Automated Sites - PHP and MySQL Are A Perfect Match
You've decided to automate your web site. Now what? Here are some ideas to help you choose how to automate your site.
Turn Your Job Loss Into the Opportunity of a Lifetime
Being laid of from your regular job can provide you with a golden opportunity to explore how passive income can mean you will never need or want another job.
Why Are Mortgage Notes Discounted Anyway?
There is a lot of confusion about why notes must be discounted and what determines the degree of the discount. Here is some basic information to shed some light...
How to Find a Drug Rehab in Florida?
When you're in need, the quickest way is the best: if you put drug rehab in Florida...
Dieting Mistakes - 5 Easy Tips to Avoid Disaster
With hundreds of weight loss plans and hype driven marketing confronting us, take a look at 5 of the most common pitfalls dieters make when choosing an online d...
|
Print this page