Dear Dr. Don,
I am told by my mortgage holder that by paying $120 a month more, I will achieve the same principal and interest payments as though I were paying my mortgage every two weeks.
I have a $251,182.30 outstanding on a 30-year, fixed-rate mortgage at 5.125 percent. The monthly payment is $1,433. Is the lender correct, or should I be looking at a biweekly mortgage?
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Posts Tagged ‘plans’
Biweekly mortgage plans too inflexible
Wednesday, March 25th, 2009Tags: Biweekly, inflexible, mortgage, plans
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