Accelerated payments is one of the most simple yet effective methods to pay down your mortgage quicker. Accelerated bi-weekly payments, for example, not only save thousands in interest but pay your mortgage off years ahead of schedule. A 30 year mortgage with accelerated bi-weekly payments equates to a 25 year mortgage under regular monthly payments.
A $300,000 mortgage with a fixed rate of 5% would have an outstanding balance of $265,523 at the end of its 5 year term. That same mortgage with accelerated payments, however, would have an outstanding balance of $255,505 — a difference of $10,018 in principle & $1,295 in unpaid interest over 5 years.

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