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Are Bi-Weekly Mortgage Payments Worth It?

By , 9:00 am on

If you recently purchased or are looking at houses for sale in Irvine, it’s important to know that you have the option to either make monthly or bi-weekly mortgage payments. With bi-weekly mortgage payments, you make a payment for half the amount of your monthly mortgage twice per month. While it might not seem like this would have a significant effect, this small change can actually have a big effect on your mortgage loan over time.

Since there are 52 weeks in the year, choosing a bi-weekly mortgage means that you will make 26 payments per year, which is equal to 13 months versus 12. This extra payment is applied directly toward your loan principal, which will help you pay off your mortgage faster while paying less in overall interest.

While this might seem like a no-brainer, there are pros and cons to choosing a bi-weekly mortgage plan. The payment plan you choose will depend on your situation and budget.


  • Bi-weekly mortgage payments are easy to budget, especially for those on a bi-weekly pay schedule
  • An added payment means you will shave time off your mortgage in the long run
  • You will build equity faster
  • You save on interest by reducing the overall length of time it takes to pay off your mortgage


  • A setup fee and a yearly fee are usually associated with a bi-weekly plan
  • If your budget is tight, the extra payment may be better spent elsewhere
  • If you aren’t good with budgeting, you run the risk of over drafting your account if the payment is taken out when funds are low

A bi-weekly mortgage payment may be ideal for you if you know you will have the extra money to spend annually. However, if you bought an Irvine home for sale at the top of your price range and your budget does not allow for this extra payment, a traditional mortgage may be more affordable and beneficial in the long run.

For more information or help navigating the home-buying process, give Irvine Residential Living a call at (714) 454-6304. We can show you houses, townhomes, and condos for sale in Irvine, helping you find the right place to call home. Reach out today. We look forward to hearing from you!

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