The Pros and Cons of Biweekly Mortgage Payments

Are you a skilled tradesman and looking to pay off your mortgage faster? One option you may have heard of is biweekly mortgage payments. This method involves making half your mortgage payment every two weeks instead of the traditional once a month payment. But is it worth it? Let’s explore some pros and cons of biweekly mortgage payments for individuals working in skilled trades.


1. You can pay off your mortgage faster: Biweekly payments allow you to pay off your mortgage sooner. This is because you end up making an extra month’s worth of payments each year. If you stay consistent with biweekly payments, you can shave years off your mortgage term.

2. You save money on interest: Since you’re making more frequent payments, less interest will accrue over time. As a result, you could ultimately save a significant amount of money on mortgage interest.

3. Improves your credit score: Making consistent, on-time payments is a great way to boost your credit score. By making biweekly payments, you’re essentially making an extra payment each year, which could help improve your creditworthiness over time.

4. You can budget better: Biweekly payments force you to budget effectively for your mortgage payments. Since you’re making payments more frequently, you’ll need to ensure you have enough money in your account to cover each payment.


1. Fees may apply: Some lenders charge fees for setting up biweekly payments. While the fees might be small, they can add up over time.

2. Limited flexibility: Once you sign up for biweekly payments, you’ll need to stick to the schedule. If unexpected expenses pop up, you may not be able to adjust your mortgage payments to accommodate those expenses.

3. Other debts get ignored: If you’re focusing all your efforts on paying off your mortgage, other debts may go neglected. This could result in high-interest debt piling up over time.

4. Not all lenders offer biweekly payments: Not all mortgage lenders offer the option of biweekly mortgage payments. Before you decide to go this route, check with your lender to ensure it’s an option available to you.

The bottom line:

Biweekly mortgage payments can be a great option for those looking to pay off their mortgage faster and save money on interests. However, if you’re someone who prefers flexibility or has other debts to consider, this may not be the best option for your financial goals.

As with any major financial decision, it’s important to consider your personal financial situation, goals, and lifestyle before committing to biweekly mortgage payments. If you’re unsure whether this is the right option for you, consult with a financial professional for guidance.

Photo of the Remarkables mountain range in Queenstown, New Zealand.
Photo of the Remarkables mountain range in Queenstown, New Zealand.

> For one on one or group assistance with personal finance, STR recommends that you check out the following resources:

> Inaccuracies with Bureau of Labor Statistics (BLS) data: Many of our blog posts will quote BLS data. has been able to identify that data quoted specifically for Skilled Trades can be as much as 50% LOW in many USA labor markets. For more information on these inaccuracies please visit the STR national labor survey page at the link below. On this page there is a video containing the latest information at the top of the page as well as other information. If you currently work in skilled trades, PLEASE consider participating in our national labor survey.

CLICK HERE for more Information

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