In article .com,
finecur wrote:
Hi, I was suggested by friends to switch my monthly mortgage payment
to biweekly. I thought it was a good idea. But after a little
research, it does not make sense to me. First, my lender charge $375
for setup. Second, you pay 26 times, it is the same amount of 13
monthly payment. Third, it saves you very little ( a few dollors every
month ) for the first a couple of years.

My conclusing is that if you payoff or refinance in 5 years, it does
not make sense at all. It would be better to just pay 13 monthly
payments every year. Or, like what I prefer to, pay 108% of the
monthly payment every month. The addtion 8% goes to the pricinpal.

Any ideas?

Your correct. The banks way is a big moneymaker for the bank and only
incidentally helps you.

Your way is the right way to go.

--
Rich Greenberg N Ft Myers, FL, USA richgr atsign panix.com + 1 239 543 1353
Eastern time. N6LRT I speak for myself & my dogs only. VM'er since CP-67
Canines:Val, Red, Shasta & Casey (RIP), Red & Zero, Siberians Owner:Chinook-L
Retired at the beach Asst Owner:Sibernet-L