Questions? Call us at (800) 736-8485
Questions? Call us at (800) 736-8485
Explore how a biweekly mortgage payment schedule could affect payoff timing and interest costs. Check your lender's payment requirements before making a change.
A biweekly arrangement divides a monthly mortgage payment in half and pays that amount every two weeks. Over a year, the schedule produces 26 half-payments, equal to 13 full monthly payments.
Contact your lender to find out whether a biweekly program is available. Some lenders do not allow a change to payment timing after the loan closes.
Our biweekly guide also describes saving one extra month's payment for a lump sum, or dividing that amount by 12 and adding it to regular monthly payments.
Check for prepayment penalties and verify that extra payments will be applied to principal rather than interest.
Read the full biweekly payment guide. For a separate review of a new loan, explore WOMC's refinance options.
A calculator estimate does not replace checking the rules and payment arrangements for your loan.
Western Ohio Mortgage Corporation, Company NMLS #9601. Talk with a loan officer about your estimate or call 800-736-8485.