I've done the bi-weekly payment thing for my mortgage for about 5 years now, and honestly, it's not some magical hack—but it does help. Basically, you're making one extra full payment per year without really noticing it. Doesn't sound huge, but over time, it chips away at your principal faster and can shave a few years off your loan.
Your cousin might be exaggerating a bit (mine does too, lol), but he's not totally wrong. It's one of those slow-and-steady things that doesn't feel impressive month-to-month, but when you look back after a couple years, you realize you've made decent progress.
If you're skeptical, just try setting aside half your monthly payment every two weeks into a separate account first to see how it feels. That way you're not locked in right away and can test if it fits your budget comfortably. Worst case scenario—like you said—you end up paying down debt slightly quicker than planned...which isn't exactly a bad thing.
I switched to bi-weekly payments about three years ago, and honestly, I had a similar experience. At first, it felt like nothing was really changing—just a minor tweak in how often I paid. But after refinancing last year, I took a closer look at my statements and realized I'd actually knocked off a decent chunk of principal without even noticing.
"It's one of those slow-and-steady things that doesn't feel impressive month-to-month..."
Exactly this. It’s not flashy or life-changing overnight, but it does quietly help you build equity faster. If you're feeling stuck paying mostly interest, another thing that helped me was making small extra principal payments whenever I had a bit of spare cash—like tax refunds or bonuses. Even $100 here and there adds up surprisingly fast. It might not feel like much at the time, but trust me, when you look back after a year or two, you'll see real progress.
I refinanced about two years ago and switched to bi-weekly payments too. At first, I honestly thought it was just a gimmick—didn't feel like much was happening. But when I checked my year-end statement, I was surprised how much principal I'd chipped away without even noticing. Also, tossing in an extra payment whenever I got a bonus or tax refund made a noticeable difference. It's subtle, but it works...just gotta stick with it.
Yeah, bi-weekly payments seem minor at first glance, but it's all about consistency and compounding. Those extra payments you're throwing in here and there really accelerate things. Keep it up—it's a marathon, not a sprint...you'll thank yourself later.
I switched to bi-weekly payments about a year ago, and honestly, I was skeptical at first. Didn't seem like it'd make much difference. But after checking my balance recently, I was surprised how much extra principal I'd chipped away. It's subtle, but it adds up faster than you'd think. Still cautious about finances overall, but this small change feels like a safe bet...definitely better than feeling stuck paying interest forever.
