Quote:
Originally Posted by Sample00
yes, because you pay the principal off weekly then and the interest is recalculated on the principal balance outstanding.
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I was looking at this exact issue before -- if you look at the link that red sky provided, there is only $179.52 difference (over 25 years!) between making monthly payments and bi-weekly payments. Not a lot of interest savings.
Accelerated bi-weekly payments, however, are a different animal because you are actually making an additional payment over and above your regular payments...