Today we are going to show you how to save a five or six figure sum in interest charges over the life of your 30 year fixed-rate mortgage...and pay your mortgage off early without the hassle of refinancing.

It's easier than you think, simply by using a bi-weekly mortgage prepayment strategy.

Who wouldn't want to pay off a mortgage faster and save a fortune in interest?!

A mortgage pre-payment plan gives you the chance to pay down a home mortgage more quickly (eight years earlier on average!) and save money with bi-weekly payments (every two weeks) instead of monthly payments.

With a bi-weekly mortgage payment plan, you make a mortgage payment every two weeks, paying one half of the monthly amount due, rather than monthly.  That adds up to 26 payments a year or as many payments as you would make for 13 months, instead of the traditional 12 payments a year.

This strategy helps you pay off the mortgage much more quickly than you would under a normal "one-a-month" payment plan because with the extra annual payment you make each year, you are reducing your principal balance which, in turn, reduces the amount of interest you are paying each year.

Here's a quick example of bi-weekly mortgage payments at work:

On a $100,000 30-year mortgage at 6.5% interest, you'll pay $127,544 in interest, plus the $100,000 principal, for a total of $227,544.

Paying one-half of your regular monthly mortgage every two weeks will result in interest of $99,549, a savings of $27,995! 

The larger your mortgage, the larger your savings will be using a bi-weekly mortgage strategy.

On a $200,000 mortgage, you'll pay $255,088 in interest, plus the $200,000 principal, for a total of $455,088.

Paying one-half your regular monthly mortgage amount every two weeks will result in interest of $199,097, a savings of $55,991! 

BIG savings!

Now, this strategy isn't for everyone.  Before we go any further, let us say that a bi-weekly mortgage prepayment doesn't make sense for you:

• if you have to tap into emergency funds to make the extra payment
• if you plan to sell the home in the next year or two, in which case, it's probably not worth the effort or expense for such a short period of time.

But if it's right for you, here's how to get started...

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