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 typically yields cost advantages for borrowers, as it can reduce expenses over the lifespan of the loan. For example, a 30-year mortgage of $200,000 with an interest rate of 6.5% will require monthly payments of $1,264.14.