And, you can set up a biweekly payment plan with your bank on your own.
Same goes for the self-employed, many of whom can't safely estimate their cash flow status two months in advance, let alone 20 years down the road. The first figure on each line below shows the loan's principal balance at the end of that year's monthly payments. Biweekly payments should not be confused with bi-monthly payments. As you reduce the principal, you reduce the total interest paid and the length of time it takes to pay the loan. Comments are moderated, and will not appear on this weblog until the author has approved them. Doesn't sound any different, you say? Oh, but it is.