Tony is considering purchasing a $690,000 home with a 25% down payment. The mortgage rate that Tony will pay is 4.98% and he will have an amortization of 25 years. If Tony chooses to make accelerated bi-weekly payments on his mortgage, approximately how many months will the total amortization schedule of the mortgage be reduced by?

Answer rating: 100% (QA)

Accelerated biweekly payments can help reduce the total amortization schedule of a mortgage because ... View the full answer