Have you been tempted by ads that promise to help you pay down your mortgage faster for a fee? It’s a really great idea except for paying the fee. You can set up a biweekly payment plan yourself without paying a middleman.
How it works
When you set aside one-half of your mortgage payment every two weeks, you’ll have the ability to make 13 payments each year instead of 12. Do this over the lifetime of a 30-year loan, and you’ll pay it off years earlier!
If you have fewer than 30 years left on your loan, use our Prepayment Savings Calculator to see when you’ll pay off your mortgage.
Easy setup with Online Banking
It’s very easy to set up biweekly payments with Consumers Online Banking. Say you get paid every two weeks. First, set up a new “mortgage savings account.” With each paycheck, transfer one-half of your mortgage payment to your mortgage savings account.
Once you’ve saved enough for a full payment, use the funds to make a regular payment on your mortgage.
If you receive a third paycheck in a month, apply that extra half-payment directly to your mortgage as a “principal only payment.”
Click here to view a how-to guide.
Keep escrow changes in mind
If you have an escrow account with your mortgage, remember that you’ll receive a new escrow analysis each March and your payment amount may change. If it does, be sure to adjust the amount you save and pay in May.
Absolutely no fee
There are no fees to set up biweekly mortgage payments. And, you can go back to regular payments any time you’d like.
We’re here to help
If you’d like help setting up biweekly payments, give us a call at 800-991-2221 or send an email. We’ll help you pay your mortgage faster!
Consumers helps 1,000 members finance their homes each year. When you need a mortgage or home equity line of credit for your home improvements, call us at 800-991-2221. We’re here to help you get the home of your dreams!