Quote:
Originally Posted by Christien
We do weekly mortgage payments. No service charge or enrollment fee - never heard of such a thing, actually, and if there was, I'd think that'd be an easy thing to bargain away through a mortgage broker. The switch from monthly to weekly cut something like 5 years off our mortgage, yet is the exact same cash outlay per month. Hell, I'd pay daily, if I could!
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It's not exactly the same, it's just the same most months.
If you were making 12 full payments under the monthly system, you are making 52 quarter payments under the weekly system. That works out to 13 full payments a year.
I pay monthly and just add an extra 15% or so to each payment. That works out to be almost two full extra payments a year.