You already make your mortgage payment each month, yet did you know that you could pay down your mortgage even faster with one simple strategy? All you have to do is split that one monthly mortgage payment into two and start paying that amount every two weeks.
Where does the strategy come in? Most months have four weeks, which means that in those months, you’ll be paying the exact same amount as if you made your typical monthly payment. Each year, a few months have a fifth week, which is why we have 52 weeks in a year instead of 48.
With 52 weeks in a year, you would make 26 half payments over the course of the year by using this strategy. That adds up to 13 full payments – and a mortgage that is just a little bit closer to being paid off.
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