With the monthly payment plan, you make 12 payments a year.
With the bi-weekly payment plan, you make 26 payments a year, which is equivalent to 13 monthly payments a year. You will pay off your loan much faster. But it's probably not worth it to change your payment plan officially. By adding an extra 10% to your monthly payment, you'll get the same result.
With the bi-weekly payment plan, you make 26 payments a year, which is equivalent to 13 monthly payments a year. You will pay off your loan much faster. But it's probably not worth it to change your payment plan officially. By adding an extra 10% to your monthly payment, you'll get the same result.