How can I pay my 20 year mortgage in 10 years?
What is the advantage of having a 15-year mortgage?
Advantages of a 15-Year Mortgage
Minimize total borrowing costs with lower interest rates. Eliminate debt quickly with each monthly payment. Spend less in interest over the life of the loan starting in the first year. Quickly build equity for their next home or other purchases.
Why does paying mortgage biweekly save money?
With the bi-weekly mortgage plan each year, one additional mortgage payment is made. That extra payment goes toward the principal of the loan. Since the homeowner is reducing the amount of the loan balance quicker, they are also reducing the amount of interest charged over the life of the loan.