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Bi_Weekly on 15-Year Loan |
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I have a 15 year bi-weekly mortgage since January 2002. I am trying to determine the pay off date. The mortgage company said the bi-weekly mortage of a 15 year loan only cuts 1 year and 1 month off the 15 year mortgage. Is that correct? I was on hold a long time and I wasn't confident in the answer I was given when I called. |
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It may vary somewhat according to the amount of the loan and the interest rate, but in general, I believe your bi-weekly plan will end your mortgage in about 13 years. |
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Edith
Originally published on September 4, 2008 |
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