Mortgage payments misconceptions

Updated: Sep 21

When it comes to Mortgage payments, most of us think there is much that can be saved by only converting Monthly payments to Weekly or Bi-Weekly. However, this is one of the biggest misconceptions as it does not make much difference whether you pay Weekly or Bi-weekly instead of Monthly. Typically the Mortgage amount $610,000 @ 3.69% interest rate for 30 years. What you could save is between 0.1 to 0.3%, and this applies to any size of mortgage. The potential savings may be close to zero for any of the following payment methods.

  • Monthly mortgage payment $2795

  • Semi-monthly mortgage payment $1396

  • Bi-Weekly payment $1285

  • Weekly payment $698

Mortgage payments misconception

Wassiyyah inspired many people to save them from paying interest. Wassiyyah is not anyway encouraging people to take on mortgages or debt. There are many adverse consequences of taking on liabilities without thinking. Sometimes, you may realize the fact, but only after taking on debt, and that's why we are giving some tips to pay off debt faster to save you from interest.

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