|House Plan Weblog
Bi-Monthly vs. Bi-Weekly comparison...
Posted On: 2009-07-30 at 02:35:12 PM
Watch out for the bi-monthly mortgage, which is not the same as the bi-weekly mortgage and does NOT achieve the same results. With a bi-monthly mortgage, you pay one-half your monthly mortgage twice a month as opposed to every two weeks, so you don't make an extra payment over the course of a year. You save only one month's interest on a 30-year mortgage instead of seven year's interest...
Submitted by: Blogmaster