Say your loan is $200,000 on a 30-year fixed-rate mortgage with a 4.125% interest rate. Here are the mortgage expense calculations for monthly and biweekly payments. Monthly Payment Schedule. Biweekly Payment Schedule. Payment. $969.30. $484.65. Total Payments. Each Year.. With weekly payments: Total payments over 30 years = 52 payments/year * 30 years = 1,560 payments Total interest paid = Total payments – Principal amount = £237.50 * 1,560 – £200,000 = £134,000. In this example, by switching to weekly mortgage payments, you would make more frequent payments, leading to a total interest savings of £18,000.
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Pay your mortgage weekly??? tanmu Posts: 208 Forumite. 11 August 2006 at 10:20AM. I have heard that you can actually pay your mortgage weekly, thus saving yourself lots of interest. Is this a well kept secret or a load of rubbish? :heart2::heart2:On ne voit bien qu’avec le coeur :heart2::heart2: we’re debt freeeeeeeeeeeee..FREEEEDOM!!! :j.. Making biweekly payments to your mortgage lender could enable you to pay off your mortgage sooner and save on interest in the process. Let’s say you have a 30-year mortgage of $400,000 with a fixed interest rate of 5%. Your monthly payment is $2,147.29, but you decide to make biweekly payments of $1,073.64 every two weeks.
