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Updated: Wed, September 28, 2022 at 06:45pm EDT

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It may surprise you that most banks and mortgage companies collect two to three dollars for every dollar that you borrow! However, there is a way to accelerate mortgage payoff using a method called Bi-Weekly Mortgage Payments. This program is implemented by dividing your monthly mortgage payment in half and paying it every other week - resulting in a net effect of paying an extra payment toward principal each year.

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This calculator is for illustrative purposes only and is not a guarantee of credit.