monthley or weekly

arthurteacake

can anybody help? what's the difference between paying your mortgage monthley or weekly? what are the pros and cons of both,and what are my rights. manythanks Arthurteacake

mrscruffy

At its simplest, if you interest is calculated more frequently than your overpayments then it will be cheaper in the long run as you will pay less interest. Just make sure you are aware of the terms and conditions of overpayments on your mortgage.

McKneff

apart from what mrs Scruffy has said, if you pay it weekly you pay 52 weeks of the year. if you pay it monthly you pay 12 months (on the same day of the month) of the year. effectively paying less if yu pay monthly

UK007BullDog

However it will hardly make a difference as you are still paying interest on every day of the year, weekly or monthly.

It is just hair splitting.

What you really need to look at is the fact that your interest is calculated daily and not yearly. That is where you make savings as your monthly payments will immediately be taken into account and the interest is reduced and you pay off your mortgage "quicker". I would always support a mortgage where the interest is calculated daily or weekly or monthly, but not yearly.