Quote:
Originally Posted by Geraldsh
If you are still making monthly payments switching to semi-monthly or bi-weekly will also knock some time off your mortgage.
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This really doesn’t knock a meaningful amount of time off your mortgage. In a constant payment per month scenario the difference in payment frequency has little affect
If you switch to biweekly and pay at 1/2 the monthly rate or pay biweekly at the semi monthly rate you pay it off sooner but that’s because you are paying 13/12ths more not because of the payment frequency.