Though it depends on other factors such as the interest rate of the loan, a biweekly mortgage payment plan often saves the consumer money over the life of the loan. For example, a 30-year mortgage of $200,000 with an interest rate of 6.5% will require a monthly payment of $1,264.14.
A biweekly mortgage payment plan is often advantageous for consumers because it can lead to long-term cost savings. For instance, a 30-year mortgage of $200,000 with an interest rate of 6.5% requires monthly payments of $1,264.14.