Timeline for How exactly does a biweekly payment schedule on your mortgage reduce the amount of overall interest paid over the life of the loan?

14 events

when toggle format	what		by	license	comment
Jan 24 at 21:38	comment	added	Chris		Typically the way I've had it sold to me is they take the monthly payment, cut it in half and you pay that biweekly. In that case you're making 26 payments of 1/24 the yearly payment amount - which amounts to an additional 8% payment over the year and cuts the loan duration from 25 years to 20.5, thereby reducing interest paid. Is this what your bank is proposing?
Jan 24 at 0:53	answer	added	Harper - Reinstate Monica		timeline score: 1
Jan 23 at 22:39	comment	added	Criggie		Please clarify - "bi-weekly" is twice a week or every two weeks (ie fortnightly) ? We had this discussion at work recently and different cultures read it in one of those ways.
Jan 23 at 20:41	review	Suggested edits
Jan 29 at 1:38
Jan 23 at 15:46	answer	added	Jay		timeline score: 3
Jan 23 at 1:52	history	edited	Nova	CC BY-SA 4.0	added 19 characters in body
Jan 23 at 1:46	history	edited	Nova	CC BY-SA 4.0	added 3 characters in body
Jan 22 at 23:25	history	edited	Nova	CC BY-SA 4.0	added 25 characters in body
Jan 22 at 23:24	history	became hot network question
Jan 22 at 21:58	comment	added	njzk2		it doesn't, it's all just marketing
Jan 22 at 16:32	answer	added	Chris Degnen		timeline score: 5
Jan 22 at 15:47	answer	added	D Stanley		timeline score: 8
S Jan 22 at 15:24	review	First questions
Jan 22 at 15:51
S Jan 22 at 15:24	history	asked	Nova	CC BY-SA 4.0