If we could, we would all buy a home with cash. Most of us cannot, so we look for ways to shave time and interest from 20–30 year mortgages. One common tactic is the bi-weekly payment plan. It can help, but it is not the only option.
Below we compare bi-weekly mortgage payments with the Money Max Account. MMA is money management software that finds the fastest route to paying off debt and reducing interest.
With a bi-weekly plan you pay half your monthly mortgage payment every two weeks. Over a year that totals thirteen full payments instead of twelve. The extra payment reduces principal faster, which lowers interest charged over the term and can trim a few years off the mortgage.
The Money Max Account is interest reduction software. It analyzes income, expenses, debts, and other factors to calculate the fastest path to debt freedom and gives step-by-step instructions. Think of it as a financial GPS that adapts whenever your situation changes. You get a live snapshot of your finances and the projected payoff date each time you log in.
Bi-weekly mortgage programs are simple and can save some time and interest. They do not solve for other debts. Lenders may not offer them, and some programs include fees that reduce the benefit.
With MMA you get more than mortgage savings. You get a smart interest cancellation approach that helps you pay off a 30-year mortgage and other debts in roughly 7 to 10 years, often saving tens of thousands of dollars in interest. No rigid schedule. No per-transaction fees. No need to change your lifestyle.
Your mortgage is not your only debt. Do not settle for a one-trick option. If you are ready to stop overpaying interest, fill out the form below for a free consultation.