Both options help budget your payments. Click here to learn more.
Twice a month: You pick two dates each month for us to automatically withdraw half of your monthly payment. The dates must be at least 10 days apart. Generally, you will make 24 half payments during a year.
Every two weeks: You pick one date every other week for us to automatically withdraw half your monthly payment. During two months of the year, we will be withdrawing three half payments. We’ll apply the two extra half payments each year to principal. This helps you pay your loan down faster. Generally, you will make 26 half payments during a year.
We use the last month’s principal balance to calculate the amount of interest due, then add in the amount of principal to pay off the mortgage on time. We apply your monthly payment as of the payment due date, so the date you make the payment won't change the amount of interest you owe as long as you pay within the grace period.
We hold payments – including these payment options -- that aren’t large enough to cover the monthly payment and show them "unapplied funds" in your account.
Once we receive enough to cover your monthly payment, we’ll apply them.
Yes with "Every two weeks" payments. That’s because on average, you’ll make 26 half payments in a year, rather than 12 full payments. Depending on how the calendar falls and the day of the week you choose, about twice per year you'll be making three half payments in a month. We apply these extra half payments to principal, reduce your balance more quickly and help you pay off your loan quicker.
No with the "Twice a month" option. It simply splits your monthly payment in half and is debited on two different days you choose per month. This can help you budget your payments, but won't pay your loan off faster unless you choose to make additional principal payments.
“Twice a month” payments can be on two selected days per month that are at least 10 days, but not more than 15 days apart.
“Every two weeks” payments must be on the same day of the week every other week.
Our payment calendar on chase.com will help you set up your automatic payments.
Yes, but not if it is paid ahead more than two months.
No. You can’t enroll in “Twice a month” and “Every two weeks” payment plans for: home equity loans and lines of credit; option ARMs; and interest-only, daily simple interest, construction, mortgage prime rate, piggyback, annual and quarterly mortgage loans.
You can still set up automatic monthly payments for these loans.